Time for Garmin?

Last week, I ran a long/short on Coach and was able to take a profit on both sides, but it looked like the market was set for some downward action. With food costs and oil prices rising to new levels, I felt that inflation worries would take most of the stocks lower. I took a hit on Transocean (RIG) and Freeport-McMoRan (FCX,) but

While we did have a correction, just today inflation worries subsided and the market rose in early trading. I'm setting up on FCX, GOOG, and COH again on the upside, but I haven't entered a trade just yet.

The only contracts I'm holding right now are some Garmin (GRMN) calls that I picked up last week. GRMN has been beat down over the last six months. The trend is pretty ugly but I think we might see a short term bounce with tax rebate checks hitting consumers. Garmin is strong with high-end flight and naval equipment, but margins are being squeezed on the consumer side by several rivals. After the big fall over the last six months, it might just be time for a little upside.