Garmin had one heck of a distribution day today and the tape tomorrow should be very interesting. For traders that have been following the momentum play, it was time to take profits and head for the exits. For investors, it was painful to witness. For risk takers, buying at $105 today may look like a smart move tomorrow, or that bounce off the 50-ma may be extremely short lived and the buy seem foolish. Only time will tell, but this stock will not be held down because of the Navteq story.This is still about the earnings - stupid. Will they have a blow-out 3rd Quarter with Christmas coming up, or has their high-water mark already occurred. I am betting big that today was a buying opportunity and I have reserves left to place more cash at a further decline once a bottom is defined. The chart is not harmed beyond repair, but tomorrow will define whether the shorts cover or not.
Here is the chart:
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