In a post yesterday - Three Reasons to Checkout II-VI, Inc. (IIVI) - I discussed the idea that the former peaks could act as support. What I didn't expect was that shares of II-VI Incorporated would be revisiting those peaks yesterday afternoon. The chart below shows the 30-minute action of IIVI for the last 10 days.

Chart Courtesy of Thomson Financial

An afternoon selloff kicked in around 2 PM and dropped the stock back towards 40. This is the approximate site of those peaks. What is more surprising though, is today's bounce off that zone.

This leaves the stock back near the best levels from yesterday. As I said, I like that fact that this stock has received little enthusiasm. However, it seems that this could be a wild ride.

Another point worth mentioning is that we did see the put/call ratio pop higher yesterday. Overall open interest is still very light, but I thought the relative uptick in skepticism was worth pointing out.