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I was pressed for time Thursday afternoon but wanted to post a quick comment. I'll get back to you all again Monday with a broader take on current market conditions and what group looks poised for a near-term bounce.
For now, I merely want to place an order to sell all shares of software maker Synaptics (SYNA, news, msgs) at the Friday open. The stock has jumped more than 20% in the few days I've owned it; I bought it on April 8 at the opening price of $25.10. It's now bumping up against stubborn resistance near $31.
Given how poorly the stock has performed in the past few months (down more than 60% between Nov. 2 and March 26), I expect the overhead supply to result in some short-term backing and filling with the stock retesting the $27.50 area.
With my portfolio struggling to get back to even, I don't want to give ground on a quick winner.
Like I said last week, this has become a trader's market. So, I will execute a quick in-and-out and take my profit and run. Hey, it's just nice to book a profit. Let's hope there are lots more where this came from.
Back to you Monday.
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