Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of JDS Uniphase (Nasdaq: JDSU) rose 12% today, continuing a wave of momentum for the optical products maker.

So what: Analysts at Stifel Nicolaus and Evercore are providing the spark; both upgraded the stock before the market opened. Stifel put a price target of $30 on the stock, and investors responded by pumping the stock to nearly that level.

Now what: Momentum is definitely on JDS Uniphase's side, and after outstanding results earlier in the month, the fundamentals are also improving. I am a little hesitant to buy after such a long run higher, because when the momentum trade ends it can lead to a nasty fall. For now I am mildly bullish on the improving results but am still afraid of buying at the peak.

Interested in more info on JDS Uniphase? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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