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AutoZone, Inc. Message Board

  • johnv60 johnv60 Jul 23, 2001 5:02 PM Flag

    What could pinch__shot be smoking?

    So he is talking down the leader in one of the strongest sectors in the whole market. I only need to look at the recent price action of PBY to tell me AZO will continue to do well in the short term. Any pullback would be a buying opportunity. If there is a shorting opportunity here it is because the market is so weak now it eventually might take everyone down. But why look for shorting opportunities here? Tons of tech stocks going down everyday that are breaking their 52 week lows, declining fundamentals and heavy debt.

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    • Excellent post John. I agree 100% that shorts are barking up the wrong tree here.

      As I have stated earlier, the recent retraction is a result of the EXPECTED retraction as the stall signaled a time for those who had profits on the table to take them. The shorts had there opportunity today to try and capitalize on the profit taking, but this day has come and gone. We now go back into base building where one should go long the moment thee chart shows a base.

      This is no longer a short play, and as you point out there are plenty of overvalued tech stocks still hanging around that desrve to be shorted.

      -IBDtrader

 
AZO
684.74+5.49(+0.81%)May 4 4:03 PMEDT