Chart constructed using Advanced GET End-of-Day

OK, they have more or less taken Apple, Lucent, and Dell out to the backyard and shot them dead. They're slowly doing the same now to Intel and Cisco. But one stock we have never spent much time on in these pages is another darling now in trouble: Ciena.

As pictured above, Ciena broke down through its 38.2% retracement level late last week. Next stop: at least the 50% retracement level at $77 3/4, but more likely the 61.8% retracement level at $60 1/2. This is where Bollinger Band support resides as well.

If Ciena gets to the latter level as fast as we think it might, they'll be calling this market a "crash." People will soon learn how silly they have been to assign stocks like this a Price/Earnings ratio of 453 -- the lofty level it still stands at even given this stock's new four-month low close.

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