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Sourcefire

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Nearest Resistance: N/A

Nearest Support: $52.50

Catalyst: Positive Q1 Results

Cybersecurity company Sourcefire (FIRE) is up close to 12% today following positive first quarter performance. The firm earned 11 cents per share for the quarter, while analysts had only been expecting profits of 7.7 cents. The news is pushing FIRE to a new 52-week high today, a move that has big implications for bulls right now.

Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.

For late-to-the-game buyers, though, I'd recommend sitting on the sidelines until FIRE pushes above today's high water mark.

Sourcefire shows up on lists of Cybersecurity Stocks to Consider Now and 10 Small-Cap Stocks Safe for Skittish Investors.

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