Starbucks Corp (NASDAQ: SBUX) Breaks Support Says Market Timer Frank Kollar
May 17, 2006 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX), the specialty coffee retailer that operates in North America, Latin America, Europe, the Middle East and Pacific Rim, have broken support at $29.50 a share, as well as their prior correction lows at $28.66 a share. What’s next?
Two months ago we wrote: “If Starbucks makes a decisive close below $29.00 a share, the prior August 2006 lows, prices could start a new leg down that has considerably further to go.”
All these supports have now been broken. Starbucks may very well reach its September 2005 lows at $23.00 a share before this decline finally reaches strong enough support to halt the selling.
Fibtimer.com (http://www.fibtimer.com) currently has a position in Starbucks Corp in its Stock Timing Strategy.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Go to previous Trading Notes.
Note: These "Trading Notes" are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2007, Kollar Market Analytics, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
