We’ve been patiently waiting for this stock to “stabilize”…

We’ve been patiently waiting for this stock to “stabilize” after its recent report that disappointed Wall Street.  The stock has been in one ugly down trend since that report and as I repeatedly noted, there was no need to jump and fight the sell off:

You can see that it’s finally trying to turn up, and I’ve finally started to scale into a little bit as this stock, which was already a tiny position for us, is now by far our smallest long after that drop.  I’ll be doubling my common stock position in this name today and maybe a little bit tomorrow.  That said, there’s little to no catalyst in the immediate future for this name and while I do expect that the Street’s estimates for next year are probably much too low, after that recent quarterly report, the onus is on Ciena to deliver some fundamental expansion.  And that might take a quarter or two.

Back in a bit.