Smart Plays on the Smartphone Stocks

I sometimes suffer from smartphone envy. Working out of my home office, I can't justify buying these nifty devices, even though I've been a gadget guy for many decades. I just wish Apple (AAPL), Research In Motion (RIMM) and Palm (PALM) had been selling these units back in the 1980s and early '90s when I was traveling 30 weeks a year.

These three companies represent the best and brightest ideas in the tech arena, which explains why their stocks were scooped up enthusiastically after the March low. But recent headwinds in the broad market are having a negative effect on these market leaders, with many shareholders taking profits after their strong recovery runs.

Folks who missed their entry points into these high-tech issues are now wondering if a second-chance buying opportunity might be setting up this summer. To that end, let's take a look at the technical positioning of each issue and find the best time and price to toss a smartphone company or two into our longer-term portfolios.

I'll use weekly charts in this examination, in an effort to lower the emotional fires triggered by the selloff and get to the center of the underlying trends moving these issues. Just keep in mind that patience is a major requirement when trading long-term charts, because there are plenty of points between big support and resistance levels.