Tomorrow will be key for both the longs and the shorts. If Garmin gets a decent upside it very well might signal a reversal with 42.01 being the low.
If however Garmin can't mount any strength on the rally that will likely occur in tech due to Intel, then it could indicate the trend is not broken. Further indication of a continued downward trend would be a break of 42.01, as it appears there is support in the 42 area. My gut says if we break 42 tomorrow its down down we go. If we do so I will be loading up on May puts for at least a drop to 40 then to 38.
If we can mount some upside tomorrow the next few days will be key. If GRMN can breakout of mid 46s then theres room up to at least low 50s, supported by the options situation. If this is the case I'll likely double up if the upside becomes confirmed.
Tomorrow (and maybe the rest of the week) will likely set the tone for GRMN until earnings.