ajtj99's Market Pulse

[ajtj99]

I was going to post a chart of CIEN during lunch, but I thought it looked dull, so I didn't. I was going to mention how it was up against some fork resistance (green upper tine).

Well, an hour later it blew through that fork and is moving up into the abyss below $6.00, currently at about 5.33

http://stockcharts.com/def/servlet/SC.web?c=cien,uu[h,a]daclynay[pc9!c13!c20!d20,2!h.02,.20!c50!c100...

I got long this last week due to the near A=C drop and the extreme oversold nature of the stock. I also anticipated a run to $6.25 this month to satisfy Max Pain. Today I thought that may be a little optimistic, but I guess it's on schedule again.

It is back inside an upchannel that could get it to $6.25 by expiration.