After Hours Rally for Starbucks Corp (NASDAQ: SBUX)
Says Market Timer Frank Kollar
January 21, 2010 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) closed with a
loss on Wednesday, January 20, but then rallied in after-hours
trading after the coffee maker posted a better than expected
earnings report.
In fact, Starbucks said that same store sales rose 4%,
the first gain since the beginning of the recession and
considerably greater than the 1.5% gain forecasted.
Starbucks reached the 50% retracement of its bear market
decline in mid-December when it closed at $23.68. This
is an important resistance level and shares have been unable
to surpass it since.
But with today’s report, share prices jumped 3%
as of the writing of this report and that is decisively
above resistance, forecasting a run to the next resistance
level up at $27.42, about 17.5% above Wednesday’s
close.
The Fibtimer.com (http://www.fibtimer.com)
Stock Timing Strategy holds a position in Starbucks.
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.
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.
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