September 2, 2011
Ciena (CIEN) also trades in sympathy with Finisar (FNSR). Finisar reports earnings after the close. Look for projections from Finisar. If the earnings are good and the projections are above projections, expect Ciena short squeeze to continue.
Ciena (CIEN) is rising on short covering. CIena is now trading up to $14.60 Ciena beat earnings by $0.17, but guided Q4 revs below consensus . Ciena explained, “Our third quarter results, which included a favorable product mix and reduced operating expense to achieve an as-adjusted operating profit,
 Adding a 5% tranche to Pan American Silver Company (PAAS) at $32.60.
Added to silver futures short at $41.70. Equalent on silver ETF SLV is $40.60.
Taking profits on a 15% tranche on PowerShares QQQ (QQQ) at $55.55.
We have taken partial profits on a 10% tranche of PowerShares QQQ (QQQ) at $55.59.
ISM index will be released at 10:00 am EST. Some market participants seem to know it at 9:55. If the index is less than 49.5, we will exit our entire PowerShares QQQ (QQQ) position. If the index is over 55 we will add a 20% tranche.