I am very skeptical of the SYNA down trend.
Anal-lysts are nothing but paid whores.
If a pimp like GS says downgrade it, then that is what they do or they are fired.
My cynical view is that somebody big wants to buy this cheap.
The weekly chart shows the low was 19 in March lows.
If SYNA gets a little lower and bounces off support, the fibs show it could get up to the 29 area with just a 38% retrace.
Here is a trade I will be doing on SYNA.
Its a synthetic long and is a proxy for the stock long.
If SYNA breaks below 18.50 I would exit and look to enter later.
Currently, you can buy the Jan 10, 22.5 calls and sell the Jan 10, 19 puts for close to zero cost.
This gives you downside protection to 19 until expiration in Jan 2010, and unlimited upside gains for very little cost.
What do others think of this trade?
Hank