Fossil - $FOSL Holding Gap Up

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$FOSL, earnings 5/10/16. Holding up well and looking strong as it bases over the gap up on prior earnings report. Declining volume on the base here is an encouraging sign. So long as the support and gap hold up, a positive earnings report could propel shares back above $50, however a miss could pressure $FOSL into the gap, if breached (sub 38), this is headed to the lower $30s.

$FIT 5/4/16 earnings were positive, raising guidance should bode well for $FOSL as well, showing the strength of the wearables market. $FIT a more narrow play on wearables than Fossil. The strength of $FOSL lays in their contracts to produce watches for other brands. Recent acquisition of Misfit could start paying dividends soon as they have the ability to transition their technology into watches of other brands, making any watch a smart watch. Secret wearable play.

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