ETFs To Avoid (Or Embrace) Thanks To Cisco

Unless you've been in a cave or simply don't follow the tech sector, you probably know that bellwether Cisco Systems

reported earnings after the market closed on Wednesday that were less than awe-inspiring. To make matters worse, CEO John Chambers, a man whose every word investors hang on, was less than cheery in his outlook for the economy. That makes this the perfect time to think about ETFs to avoid and embrace on the back of Cisco's disappointing profit report. Avoid: The Technology Select Sector SPDR

. Cisco is one of XLK's top holdings and with Apple

getting hammered and Hewlett-Packard

a friend to no tech investor, XLK is one ETF to avoid (or short) thanks to Cisco. Embrace: The UltraShort QQQ ProShares

. QID isn't a play on the entire Nasdaq, but it does short the Nasdaq 100, which is likely to face rough water for the time being. Avoid: The iShares Dow Jones US Technology ETF

. Cisco is IYW's fourth-largest holding and like XLK, Apple and HP can be found in this ETF. Stay away or short. Embrace: The Direxion Daily Technology Bear 3X Shares

. Swing for the fences with this triple leveraged ETF, which shorts the Russell 1000 Technology Index, an index that you don't want to be long thanks to Cisco. Avoid: The Vanguard Information Technology ETF

. Cisco is also the fourth-biggest holding in this ETF and VGT holds offenders like HP and Intel

. Short or pass. Embrace: The UltraShort Technology ProShares

. REW is essentially the bearish equivalent of IYW, making it sound play from the long side as investors flee the tech sector. See Some of the Top Moving Indexes