Break Out for
Starbucks Corp (NASDAQ: SBUX) Says Market Timer Frank Kollar
March 11, 2010 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) broke out to new
2009 - 2010 highs on heavy volume Wednesday, March 10.
Starbucks gained 2.6% on Wednesday. There was no news
that we were able to find, unless their refusal to bar
people wearing guns in those states that allow people to
carry them boosted the stock.
Or maybe it was the negative rating by David Trainer from
New Constructs Inc., a Nashville-based stock research firm,
who said Starbucks is “the antithesis of McDonald's” and
a "doomed business" that he would not own.
Regardless, Starbucks has broken out above $24 level that
held it in check since mid-December 2009. That level was
also the 50% retracement for Starbuck’s entire bear
market decline.
The breakout, to $24.23 a share, points to higher highs
and a likely move to the next resistance level up at $27.41
a share. This is the 61.8% retracement level. It is also
an 18% gain from 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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