Garmin's stock price has been down 5 days in a row, having closed at $89.65, and is starting to look like a bargain. I have been hoping for $85.00 as a good entry point, but I may now be getting greedy.An article this evening by the Street.com's reporter, Priya Ganapati, is quoting a number of Garmin Analysts saying that the stock is currently undervalued given the fundamentals. (See Article: http://www.thestreet.com/_yahoo/newsanalysis/techstockupdate/10396915.html) Shhh! This was supposed to be a secret!
I may have to break discipline tomorrow morning to catch the ask price at what I think is a good value. The problem, however, is the jobs report.
The jobs report can ignite the market or kill it. Being on the sidelines this evening with this stock play is the right move, but when is a good entry point tomorrow? Here lies the problem. Past positive jobs reports have sparked the futures and the open bid, but often failed to hold. On the other hand, if the report is negative, I am fairly certain that the market will go lower and stay lower, meaning that I will have plenty of time to buy anything.
I may have to rely on gut instinct and the pricing action after 10 AM. Let's hope that gut instinct is a little better than my PCP sell move this morning.
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