Jester,

The strength in chips in today's massive rally just goes to show how unpredictable the volatility has made everything become. It just seems insane - as you say, prices seem overvalued, and yet...today the market thinks they're undervalued. Both the beaten down sectora and the old standbys are benefitting. INTC up 2.5%? It's really just in-line with the rise of the DOW. 

CIEN's results were just fine - but a quizzically clouded outlook seems to signal that visibility still counts, as it has basically brought the stock close to a halt. It seems the analysts couldn't figure out why outlook was so fuzzy. Still, today's upgrades has PT ranging from $61 to $72 from 3 brokerages, all upgrades.