Today we are just victims of the lower then expected retail news. The market consensus was for .4%, and the actual was -.3%. Jobless claims also edged up a bit. We know that BKE had a great December. If most faltered during December, it stands to reason buyers gravitate to the stocks that are winners. That's us at BKE.
BKE is trading with the overall market today--down. Primarily, the market today is driven by options expiration gyration, and selling of many stocks after a huge run up since March 2009 (including BKE). Many stocks are overbought and overpriced. BKE and ARO are undervalued, and should continue an uptrend beginning next week. However, I think that February-March will be flat or down for the market overall.
One would think we would drift lower these last two days, based on the market. We hit $33.65 three days ago. Now we've retraced 2 full points in as many days. Kind of a hard hit with no bad news, isn't it?
I really don't even think about options expiration dates. I don't think it matters unless you trade options or day trade. Sometimes I think BKE is inverse to the market, so maybe this will be a relatively good day lol. On a side note I wouldn't mind seeing the market take a serious breather. I hate to say it, but a lot of stocks are overpriced as bad or worse than they were in '07. (BKE is not one of those though)
Just some profit taking. Even last year when the price boomed you could pick out times where the price action was pretty weak. Longs rode it down to 26 grumbling but not selling in late '09. I kept a level head and bought more shares at that time. Going foreward we'll see a lot of upward momentum, but for now there will be a period of the price hunting around, this should offer some entry points for people that only like to buy into good momentum.