It happened after the closing bell last night. Cisco Systems (CSCO - Get Report) reported its Q2 results. Bang. The firm beat EPS expectations by four cents. Bang. The firm beat revenue projections by $70 million. Bang. This firm returned to year-over-year revenue growth -- for the first time since Q2 2016. Rock on. Gang, that's not the best of it.

Cisco had news for shareholders. The company was boosting its quarterly dividend to $0.33 from $0.29, a 14% increase. Want more? The firm increased its stock repurchase program $31 billion from $6 billion. This stock buyback comes with no expiration date. Huzzah. The company expects this plan to play out over two years.

Cisco also projected revenue growth of 3% to 5% for the current quarter. That growth should produce EPS of $0.64 to $0.66. This is above what had been consensus of $0.63. Holy Moly.

I have saved the best part for last. Do you realize how Cisco intends to pay for this buyback, and this increased shareholder payout? Repatriation. Another victory for the tax plan. Cisco plans to bring home $67 billion. That's with a "B." The firm plans to take an $11.1 billion tax-related charge. mostly for the U.S. transition tax, a bit for foreign withholding.

The Colonel had a good feeling about this one. He's been writing puts in this name since last week. Told me to get ahead of it. I was too busy. Still not as sharp as the old man. Sharp as a tack, that guy is. The stock took off overnight, and at zero-dark thirty is trading at $45.22, up more than 7% from last night's close, which in turn represented a 2% gain from the night prior.

Let's take a look at the chart. kids.

Actually, even prior to this morning's open changes to this chart, the chart was beginning to look solid. For short-term indicators, you can see Money Flow surviving a significant test during the "flash correction." You can also see that Relative Strength waned, but never fell to levels considered to be technically oversold.

The daily Moving Average Convergence Divergence (MACD) at first glance suffered a bearish crossover at the end of January. Upon a second look, one notices that both the 12- and 26-day exponential moving averages (EMAs) never crossed into negative territory, and now that 12-day EMA moves with urgency toward a bullish crossover. That will likely happen at 09:30 ET this morning.

To the medium to longer term models, the name obeyed the 38.2% retracement level if you ignore the lower wicks of the candle sticks. Is that taking liberty? Yes, but take a look at the Pitchfork. This name plays around the edges, often piercing levels, but not actually breaking them. The Pitchfork works quite well if you again lance off those same two wicks.

Yesterday, the share price moved back above the central trend line. This morning, the name will likely open well above the upper trend line. At some point this morning, that line will be tested from above. The performance of Cisco upon that test will be significant in determining price targets for the stock.

Given all of the positive news from a fundamental perspective in Cisco, I would think that $45 support could be good into March.

(A longer version of this column appeared at 7:27 a.m. ET on Real Money, our premium site for active traders. Click here to get great columns like this from Stephen "Sarge" Guilfoyle, Jim Cramer and other experts throughout the market day.)

At the time of publication, Guilfoyle had no positions in the securities mentioned.