Tuesday, June 29, 2010

GRMN overnight short

Alerted on twitter about GRMN as potential swing short today and shorted it overnight.

I agree 100% what Quint Tatro said about GRMN's chart

"Garmin, Ltd. (NASDAQ: GRMN) is another name that jumped off the screen on my scan of weekly patterns. Take note of the double top GRMN formed (Garmin is in the GPS business). When the indexes were logging higher highs, GRMN barely pushed back to its former high. This action is not indicative of leadership, and was a first sign that GRMN may be in trouble. GRMN has finished three out of the last four weeks firmly beneath its 50 week moving average, a huge red flag. A position could be initiated here with a tighter stop just above the moving average (around $33.40) or by placing a wider stop around the double top prices ($40.00). GRMN is one of my favorite patterns right now for short side opportunity."

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