Maybe. My tealeaves were slightly a skewed and my crystal ball a touch cloudy this morning so I am without a plausible, convincing guess, (the kind that would make it onto a CNBC sound bite), as to why the upside this day. But, if you pushed me (or paid me) for an answer then I could say this with absolute certainty; (you can quote me from here) “Something had GRMN taking forward steps today. After careful study of today’s action and upward trend of today’s chart “we” are comfortable in saying that it had something to do with the buyers. “We” would like to see this stock hold steady above $55 before “we” would be comfortable in saying that it can reach $53. Just keep in mind that we (you) could see some retracement at any time from this level.” With that now being tested and edited for sound bite quality we can get to the ending numbers. The close found us sitting at $51.15, that’s a nice gain just shy of 3% for the day. Not a bad day regardless of what got us there.
Ever since I bought GRMN back on January 22nd I have been trying to formulate a plan. Well now I have one, at least for today. 10% that’s my whole plan so far. If Garmin can see its way to $53.90 or more before earnings release on the 14th then I will let them go. I am not opposed to holding through earnings like I was with Sandisk. My thinking is simply I’m on margin and 10% in less than a month ain’t too bad. (Bird in the hand and all that…) Stay tuned I’ll let you know how it pans out.
That's it for today. Here's to figuring out why stocks go up. And to keep an eye on your EveryDay Money.