Wednesday, March 19, 2008

Gander Mountain (GMTN)

We have officially gone long Gander Mountain with our limit order being filled at $5.

Currently we are brushing up against the 39 day moving average which is strong overhead resistance. Closing over this level will be a big plus for the long side.

One concern I do have is that this breakout move has been on very light volume and typically it is hard for a stock to hold its higher levels with no volume behind it. Because of the light volume I am running a very tight stop on the trade at $4.70.

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