LRCX - Lam Research - $357.50 Nice Long Term Entry

0. Notes to follow;

1. Sitting at bottom of Channel, may head back up in coming days;

Comment:

2. Stock held the $357.50 at the bottom of the Channel;

3. LRCX hasn't spend more than 4 trading days at the bottom of the Channel since March;

4. Watch for a rebound or breakdown in the next few days; Tight stops if you have options, or don't want to tie up cash;

5. We would be surprised by a sustained move below $350 here, and would add to our position;

Comment:

6. We think a run to $400 in the next 3 to 4 weeks is the likely move.

7. To be continued...