Question on CVS usage

Ok, please tell me its somethign obviously dumb here.

I'm trying to move my 3.2-STABLE tree to CURRENT. I did a

cp /src/stable /src/current
cd /src/current
cvs -z3 -d $CVSROOT update -APd 2>&1 | tee cvs.log

And let it run overnite. Came back the next morning, and nothing downloaded, but my modem is still going crazy.

So what am I doing wrong here? Is it really obvious?

• Thanks, Adam