NovAtel Inc. (NGPS) Another buy

I have been watching NGPS for a good buy point and missed the first breakout. It is easy to see why when looking at the chart. The breakout from the double bottom base came out of nowhere and I didn't have a chance to jump on. Besides, the market was still in a confirmed downtrend at the time.

Lucky for me, stocks that make such huge moves on big volume usually pull back some. If this is done on low volume, it is a very good sign. Unfortunately, I missed the secondary buy point again yesterday (having an actual job is a real disadvantage for CANSLIM investors).

Today, I put in a limit order at 44, well below the 5% cutoff window for properly entering a new position. Low and behold, it was filled during the early morning weakness.

From a fundamental point of view, NGPS is a very interesting company. It designs GPS components and subsystems for agriculture/marine, surveying/mapping, and aerospace industries. I've read that it is in the very early stages of accelerated growth. Let's hope so.