Love the Price Action

In the back of my mind, I can hear that CNBC Reporter named Dylan screaming "From the Nasdaq in Times Square, this is Fast Money...". Well today, the index has something to say.

While we still have an hour of trading left and anything can happen, today was a day when Mr. Market just said enough when it came to the technology-laden index. Mr. Market is saying enough of taking everything down on every sub-prime headline. Things are cheap and Mr. Market is looking outside the rope line for opportunities. Technology has put on a two day show since the CSCO debacle with the bulls saying enough!

The DJI and S&P are each down more than 0.75% while the Nasdaq is still positive (although barely). Not bad for a Friday when everyone is afraid to hold long positions over a weekend.

On the stock front:

Did anyone notice that Garmin received another upgrade this afternoon? This is the second upgrade in a week. The first was from Morgan Stanley (which they reiterated this week) and the second was this afternoon from DA Davidson. Morgan Stanley is saying that a valuation bounce through $80 is very possible. This is something that I will take a look at technically.

SIRO missed the Street's estimate on what I think was a very good quarter. The "one size fits all" Wall Street estimates model doesn't work well for thinly traded stocks. The revenue growth is there and the EPS improvement was also there (although not as high as some would like). Have they ever heard of lumpy earnings? It would seem not. I sold SIRO during the correction to raise cash but will re-enter when the timing looks good.

Speaking of lumpy, the ROCM results were just that. The CEO is sometimes a little less than inspiring, but he is basically saying that the private label sales that fell off a cliff is mostly an accounting thing (they booked the revenue late). I am willing to take this explanation because I am a long time investor in this category and not a trader. The conference call could provide a little color, however.

BioPharma is just getting killed. So much for defensive. APPY is way underwater and I am looking to add under $6.00 next week if the market tape gives us any life. Again, this is an investment so I am not looking to scalp something here.

That's all for now.