This is largely short covering but will continue into tomorrow because JDSU management will offer the same positive guidance they did for recent earnings. Should move up to high 20's or low 30's shortly.
The volume was huge on the recent drop, the upside will be twice as huge, with resistance at $29.12. I expect with dell earnings and the unrest in the middle east, more money will flow into the safe stocks. Tommorrows investor meeting should be a catalyst to send this above $30.