with selling pressure increasing @ LOWER & Lower prices even after the large 800,000+ a few weeks ago. Had the Street applauded the Lacy appt (ala ONE)and not concluded no one else wanted the job, Selling On Strength would not be the winning strategy. We longs have been patient enough given the 14 month stalemate and indifference to S's great operating turnaround. The only bullish pattern offering hope that S has put in a bottom is that a broad W Bottom (compound fulcrum) is forming with $37 the 1st Buy and $44 the completion Buy. A Lacy +++ would have been the $37 level, but we got instead a re-test of the LOWS!
Which retailers are doing great in this environment? Not too many. They all appear to be down at least 20% for the year, if not double that.
Even though the CEO has a very important role in any company, it is the execution of the plan that counts along with the little things that are done every day by the employees in a company. I don't care who would have become CEO - Lacy or other, the share price wouldn't have went through the roof.
Plunge to Pt.B S=$26 Rally to Pt.C S=$43 Plunge to Pt.D S=$30
Rall to Pt.E S=$36
Plot the above and you will see a W formation. The pattern is completed when Pt.C is taken out($44) and early warning the pending given when Pt.E is taken out($37) Hope this helps Good Luck to us Patient Longs