GRMN on Fire

Hold for More Upside

By Bryan Bottarelli
Wednesday, September 05, 2007 10:47 AM EDT
Wed, 5 Sep 2007 14:47:00 GMT

Dear Bottarelli Research Member,

What a wonderful move today for Garmin (GRMN – NASDAQ). Despite the Dow trading over 150 points lower, GRMN is bucking the bearish trend and rocketing higher. In fact, the stock just hit a new 52-week high at $107.29, pushing your GRMN October 105 Calls (RZJ JA) up to $9.20 per contract. That’s just under a 10% move off yesterday’s $8.40 entry price, so let’s continue to hold this position for further upside gains. If the markets can turn higher into the afternoon, GRMN could really see some upside momentum (*especially of Apple’s upcoming announcement sparks some tech-stock buying!)

GRMN

At the same time, let’s continue to maintain our MCO September 50 Puts (MCO UJ). As you can see, the stock is about to set a new 52-week low, so let’s maintain our puts for more potential gains.

MCO

And I’d also like to continue to follow our PTR September 140 Puts (PTR UH). As you know, we entered these puts on August 30th for $5.70 and they’re currently trading for $3.50. So if you decided to close out this position, I can certainly understand. But for those speculative traders still holding the position, today’s chart formation is exactly what we want to see.

PTR

Today’s down-move looks just like PTR’s last “false breakout” above the 50-day moving average in late August — which was directly followed by a severe $8.00 drop. This type of move could be on the horizon once again, so I’ll continue to follow these puts.

If anything else should warrant trading action, you’ll be the first to know. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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