As of this morning CSCO is no longer on my shopping list, I bought it and fully recommend you buy it also.  If you can get the shares below $28.50 great but below $30 is still 10 percent before year end.

A couple of thoughts. 

First, CSCO is buying back $10 billion in shares, it is a well managed company in the sweet spot of human and planetary evolution.

Second, I am still of the belief that the world economy will carry the  US just above recessionary levels.  Bubble or not, China's economy is growing and so is Russia, India, Latin America and Southeast Asia and technology is as important as water, sewer and electricity.  Therefore CSCO.

Third, as large financial institutions layoff workers in response to sub-prime issues, technology will play a greater role - therefore CSCO.

We have had a nice pull back to the 200 day moving average which was just over a 20 percent decline.  What more do you want for an entry point.  Unless the the world falls apart I would be comfortable holding and adding to this position until $24.  Below that, something else is wrong and at this point with current knowledge I would take my lumps on any breaks below that price.