Updated from 07:41 a.m. EDT
The season's still early, but I'm batting 1.000 and hoping to keep the rally alive.
The market wasn't as lucky yesterday, turning in a losing session as stocks retreated following
Chairman Ben Bernanke's testimony on Capital Hill that a recession is possible.
Many economists have already made that prediction, but the statement holds more weight coming from Bernanke. Specifically, the Fed Chairman said the gross domestic product will not grow much, or at all, during the first half of the year, and he said it may even contract a little.
However, he reiterated that the Fed anticipates the economy will gain strength during the last two quarters of the year. That's because of a combination of low interest rates and the tax rebates scheduled for later in the year. He also said he expects growth next year. Remember, it's a long season and all that matters in the end is the final score.
Today I am hoping to set the table for another win by picking up some Deep-in-the-Money calls in
(GRMN - Get Report)
. The company is the world's biggest maker of GPS, or global positioning systems, which is a satellite technology that helps identify the current location of someone or something. It also helps drivers with directions from one location to the next. Garmin makes GPS models for boats, cars and airplanes.
(GOOG - Get Report)
on Monday to allow users to send information found on those Web sites directly to their GPS units. Garmin, along with other GPS makers, have faced growing competition from mobile phones, which are increasingly adding new features, such as GPS. Garmin will be releasing a mobile phone later this year and the recently announced deals should help Garmin gain ground for some key technical levels.
The stock is currently trading near its 52-week low of $52.18. Wednesday's low was $54.50 and the stock closed at $56.41. Those figures are well off the $125.68 it reached at the end of October. However, don't count Garmin out just yet. The stock is still a good play. ValuEngine has Garmin rates as a strong buy and has assigned a fair value of about $93.
Today I will place a limit order at $21.90 to buy 10 October 35.00 (GQRJG) calls.
: Life is a journey, enjoy the ride!
Know What You Own
: GRMN operates in the technical instrument industry within the technology sector, and some of the other stocks in its field include
Thermo Fisher Scientific
(TMO - Get Report)
(A - Get Report)
(SPWR - Get Report)
Applera Corp-Applied Biosystems
. These stocks were recently trading at $58.28, -0.58%, $31.23, 0.00%, $83.57, +2.15% and $33.24, -1.16% respectively. For more on the value of knowing what you own, visit TheStreet.com's