It looks like rotation out of fully-priced tech into other parts of the market. For example, NVDA and MSFT have been flat for a couple of weeks, Apple up about 1% in that time and flat for the last week, while the S&P 500 is up 5% and some beaten down sectors like airlines have soared.

Re CIEN specifically, once it broke $50 sustained strength was always likely. As for post-earnings, who knows, but I would expect $50 to provide support, and for any shorts to be worried about lack of upside resistance.

The market in general looks over-priced, thanks Powell.