This week, the excellent research team of Bear Stearns has initiated coverage on Garmin (NDQ: GRMN). Download Bear Stearns report on GRMN

Cara 100 GICS 45 Garmin Ltd. (GRMN) (GRMN) Financial Data

Bear Stearns research analysts think the stock is over-priced and I agree, particularly after the GRMN shot to the moon on the day (May 22) that Bear Stearns first wrote up/priced the stock.

But folks were talking about the king of the Personal Navigation Devices (PND) and the global PND market is exploding. After a market pullback, this will be a good one. And the time to buy it is when the Weekly and Daily RSI is down at the 30-level, not the 90-level or close to it, which happened after Bear Stearns published this report a few days ago.

So file this stuff away for the day we agree (or you feel) that the stock risk:reward scenario has improved. This will take patience and discipline, but you will come to learn that at the very moment your birdie tells you it's time to buy, some jerk talking head will be screaming at you on TV to avoid/sell the stock. And I'll be there to say, ignore those clowns; somebody is paying them to mislead you, but you will by then know better. You will have all the facts at hand to make a business-like decision.

This is the situation.

In a world getting smaller by the day, we are venturing further from home. In fact, some of us are venturing further out from 2, 3 and 4 homes.

Whether for work or pleasure, we are travelling abroad in areas that 100 years ago would be considered no-man's land.

And you know, we feel safe " simply because at all times our PND tells us where we are. Our fears of being lost and never found have been eliminated. And as our confidence builds, we venture even further out.

But these PND units are not just helping us test our outer limits, they re helping us deal with the limits of our impatience as thieves feel they can take from us what is most important, like our children and our cars and boats, and anything else that can be moved quickly under their control.

However, with the aid of these Global Positioning Systems and other technology available today, we can track the movements of anything anywhere to within about ten feet on this earth.

Not to make a pun on the mariner aspects, PND is causing a sea change in our willingness to journey into new areas. Garmin is there pushing us and helping us build that confidence that yes we can do it.

As Bear Stearns says, this is powerful stuff.

And as Bill Cara says, take that power and be ready to use it at the right time and place.