The stock (BOLT) finally left its base around midday yesterday and, as of last night, looks poised to break through its upper resistance just shy of $21. This is major resistance, but BOLT's open this morning is encouraging.The oil and gas services provider (seismic exploration) finally looks poised to retain some upward momentum (Daily chart). A good base was established around the $19.00 range and this will be an area where traders will place their stops.
If it breaks through $21.00, I plan on adding a little more expecting the stock to make a run at $24.00 (the next major resistance point). My core position was purchased at an average price of $15.85 so a 30% gain to-date is one of my bright spots in my portfolio in these challenging times.
Speaking of challenges, GRMN continues to slide. I added some more yesterday (deep ITM calls). The fundamentals scream bargain with the stock trading at less than 10 times 2008 earnings. The market will continue to be irrational with GRMN until the company proves that the consumer is not dead. It is my plan to wait out this irrational behavior. Fortunately, we only have another two weeks until earnings when the company can hopefully shed some light onto what the year will look like in terms of guidance.
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