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Technology Stocks : Ciena (CIEN) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Bagwell who wrote (1969)	4/14/1998 7:03:00 PM
From: Intel Trader	Respond to of 12623

Very kind of you to make your comment Tim -- thanks. And as to what might have sparked today's rally, in all honesty, I'm a bit baffled. Someone pointed out short covering; I don't think that is the key at all. Although it may have helped, the upgrade was not a major factor in my opinion. The reason I say that is because it took until about 1130 CST when one could say that this rally started at about 40 1/2 to its peak of 47 1/2 at 1400 CST. The coverage initiation was announced a few hours before the market began rallying, and little volume manifested itself before 1130. From the market open to 1130, I suspected that the upgrade had absolutely no effect -- and I still don't. ABN/Amro is not a major research institution. Someone correct me if I'm wrong. As for how these rally's play themselves out, I would surmise the following: a. possibly 10 or so institutions/mutual funds got in on the CIEN move after 1130. b. it is likely that upward momentum will continue a bit tomorrow. c. my suspicion is that 48-50 is an initial resistance point, but could be easily overcome tomorrow. d. if there are still shorts in CIEN with huge positions, (had they not covered them in the 37-40 range, we could see short covering that could drive CIEN substantially higher, especially in combination with good news. Congrats to CIEN longs. it