The Markets Are Still Broken, But Staying Patient

I'm currently staying very patient with what I view as broken markets. Yesterday's close was a good case in point.

I need to get back into CIEN again; CIEN should be seeing business materially improve shortly, and the shares have fallen more than twice the market of late.

A market where only one or two stocks act rationally - AAPL and BP - isn't a good market. I mentioned BP because I'm intrigued by it; I'm not touching BP here though. If one has to chase knives in this space I would turn to WFT or NBR.

On the tech front, there are 2-3 tech conferences this week which might bring some short term action. One name that I like and which could see some positive news is DRIV. I think DRIV could be a primary M&A target in the months ahead. Tech stocks in this market cap range (like CIEN) have fallen much harder than the market averages in the last 2-3 weeks. Moreover, many of these smaller domestic tech's have less real exposure to the Euro region or the Euro itself so they are simply beta victims.

long AAPL