Inching into RIMM

I went against all technical fundamentals today and scooped up a small slice of Research in Motion, which closed up 1.7% to 87.26.

The raised target from 83 to 110 by RBC Capital did not hurt longs. It did hurt me, though, since I've been waiting for an opportunity to buy RIMM cheap. It trades well above its moving averages, and if the Fed disappoints the market on Tuesday, RIMM will drop with the rest of the market.

On August 16, in the midst of the subprime mortgage mess, RIMM shares sank to 61, far below its 13- and 50-day SMA and EMA. This is one of my A grade stock picks, a fundamentally strong company with incredible growth numbers. I don't own a BlackBerry, nor have I seen one in person, but I hear that these devices can change a baby's diaper, feed an elderly person and pump gas into your car all at once.

Now I have small morsels of three A grade stocks: Apple, Crocs and Research in Motion. Amazon and Garmin remain out of reach ... for now. I may regret this small buy of RIMM, but I'll be waiting for a bargain price. When I have waited, I've been rewarded with shares of Nintendo (55), which traded below its 13-day MA at the time, and Blue Nile. I got NILE at 80, right at its 13-day MA, on Monday after not being able to buy at 75 (on its 50-day MA) last Friday.

When I haven't been disciplined — buying A/A- grade stocks at technically sound prices — it's been costly. Apple at 144 and 135. Nintendo at 62 (ouch!). The good side of sticking with top stocks is that I'm in for the long haul, so the short-term dumbass mistakes won't kill me. But more and more, I am engrossed with bargain prices, and in this schizo market — we've had two significant declines in the past month — patience is immensely rewarded for long-term holders. I hope to be one of them.