lt cap,

Always glad to get your take on it. I'm thinking that downsizing my position a bit may make sense, in light of the fact that, as you pointout, NOK's guidance doesn't make much sense unless......they're lowballing guidance, hoping to post blowout numbers. That would be a good strategy, I'd think, as upside surprises get rewarded sometimes to the tune of 15% moves. OTOH, if they're screwing this up.....I'm ok if they finish above or below $6. I'll write more calls, until/if the stock is called away. However, my timing tends to be terrible. I sold all the remaining INFN @$4, and now it's above $5. Ah well. 

I have a feeling, and it's just that (well, plus a few PT upgrades to around $45) that CIEN will have a good earnings in early March, and will get rewarded for it. It feels a bit pricey here, having moved so far so fast in the past couple of months. Doesn't mean it doesn't have more room to run. Just leery of buying it at this price.