I was in several of the secondary Apple plays today as day trades with so-so results. One of them was Sigmatel (SGTL). I was going to close it out at the end of the day but then I realized that it was at new all-time highs so I said “what the heck, lemme hang on to it.” (You know how I love young stocks at new highs.) Much to my surprise they increased their guidance after-hours tonight. It’s now trading around $35. I was tempted to dump sell it but I think I’ll try to hang on to it & see how far it can run. It looks like it may be able to hit 40 or so just based on a measured move given that 14 point drop it had earlier this year. As always, we’ll see. Here’s the weekly chart:
As for the S&P, it dipped down to that first support area I pointed out this morning and bounced right off of it:
