This column was originally published on RealMoney on April 12 at 10:02 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

This morning, the telecom complex members are all looking up. This is the speculative fiber-to-the-home sector that includes

JDSU

(JDSU)

,

Mindspeed

(MSPD)

,

Ciena

(CIEN) - Get Report

,

Bookham

(BKHM)

,

Applied Micro

(AMCC)

and

Finisar

(FNSR) - Get Report

. And you can bet that people are saying that the selloff is overdone.

I believe that there is reason to let these stocks consolidate. Without news, there's no reason for them to rally, and there is still a reason for them to sell off: notably, that these stocks are up so huge that it would be a mistake not to ring the register on any lift.

More important, this is the type of action that sickens me: People buy these stocks because they like the speculative trade. They are not buying the names because something just happened.

Let's remember what triggered the rally: Ciena's CEO was saying that business had at last turned. Without some other company saying something similar -- perhaps when they report later this month -- you've got nothing to hang your hat on.

That's why it is worth waiting and not joining the buyers.

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