Jon,

Thanks for weighing in. Off the top of my head, and I may be wrong about this, but in watching the options so far, as the stock price drops, the amount of premium goes down,

but if one is buying new shares to sell calls on, the % earned may be greater - one can spend less on the shares, and get a greater % return on the bet. That may not be true - because

the bid/ask spread doesn't necessarily mean you'll get the mid-point between them when you sell the calls. Or it might just be my cognitive fogginess at the moment.

It does seem like a decent bet, based, as you note, on long term prospects. But OTOH, one might hesitate based on market valuations. However, CIEN trades at about 29x.

Nvidia, which I also own, rose another 7% today to $495, sporting a 92x PE. Two analysts raised their PTs - one to $500, the other to $550. EArnings are Aug. 19th. Around

August 30th, the CEO will hold an 'events' day, and very likely announce a ship date for their new Ampere GPUs. That and datacenter growth is driving the projections.

But 92X? The low for NVDA in the trailing 12 months is about $160. Is 92X more absurd than 120X? Less absurd than 70X? Their future prospects, like CIEN, I think are

very very good. But it's starting to feel like the dotcom bubble all over again.