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Technology Stocks : Ciena (CIEN)
CIEN 230.45+9.4%Dec 19 4:00 PM EST
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To: Jim Rathmann who wrote (368)6/12/1997 12:17:00 AM
From: Tom Hua   of 12623
 
Jim, I think the chance for CIEN in the 50s again is less than 30%. AFCI is beginning to drop after being identified as a good short in Business Week (losing 5 pts in 2 days, and my SEPT puts bought on Monday are up 72%). In the past week, CIEN's high price and the associated risks have been mentioned in Barrons and the Washington Post. Even the momentum players will have to be cautious. They are playing with fire, in my opinion. Also don't forget that short squeeze helped drive up the price even more recently. Once CIEN begins to lose steam, not only there's no short covering, but you'll see a lot of new short positions. The grand finale, as you know, is scheduled for August.

Regards,

Tom
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