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ShopKo Stores, Inc. (SKO) Message Board

  • snugly60031 snugly60031 Feb 20, 2001 9:48 PM Flag

    Sold

    I sold most of my position. Earlier, I had posted that I thought $12-14 was a good near term target. Maybe that will still be an accurate prediction. I got concerned that it hasn't bounced back after retreating from the $11 recent high. On CNBC this morning the retail analyst's description of the type of companies she would avoid, sounded a lot like this one. Another negative for me was the comparison I made Sunday between the crowds I saw at my local WalMart and the fewer number of shoppers at the Kenosha ShopKo. I'm still with you longs on hoping for higher share prices, but I'm just no longer as confident. Another personal note: I prefer shopping at ShopKo over WalMart or K-Mart. Good Luck!

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    • Emuone, There is some arbitrariness to my 7 area target. In the initial drop around 10/00, it temporarily stabilized around that area before dipping down to 5, and then on down to 3. I don't think it will go back to 3 this time, but on a deep correction it might dip below 7. That is where I would feel motivated to start to nibble, and plan to buy more if it went lower. If we see higher prices this week, though, I plan to sell my remaining shares, even if I have to take a small loss on them. The action SKO had recently at 11 looked to me like a double top. Who knows, but I feel I did really well on the shares I have already sold, and I just don't want to offset my gain, even if I miss an opportunity for even greater gains to come. I look at the market like waiting at a bus stop, if you miss your bus, another one will come along 10 minutes later. Good Luck.

    • As I stated 2/20 I sold most of my position (85%). I gave my reasons in my 2/20 post. One more thing I failed to mention was that it hit $11 on 1/31, pulled back, then ran to $11 again without penetrating, then again pulled back. That was a double top. I had done most of my selling on 1/31, and did the rest on 2/20 in the morning when it went back above $10. This stock has been very good to me so far, this time and twice last year, but then I'm usually not a real long term stock holder. I've been impressed with SKO's ability to keep from continuing the slide this time after coming back from the $8's yesterday. IMO the market is going to take another dive tomorrow, and SKO will probably be sucked down in the draft. I plan to start edging back in if we see mid $7's. I still own 1100 shares, and I am now losing $3 on those shares. Other stocks I like now are T, LSI, SGI, EXBT, & LU. All are down for me, but not much from my entries, and IMO have good upside potential. Good luck longs!!!!

      • 1 Reply to snugly60031
      • snugly, although I appreciate your good wishes for longs, I am questioning your analysis of both the market performance today (you said down) and sko being sucked back down to where you want to begin nibbling back in at 7. The market technically (dow) performed excellently yesterday, and will be up today. Sko, has performed solidly, has sss increasing, interest rates coming down, sko is going to make a profit in a difficult year, and over 92+% of all shares are owned by institutions. Review of the charts will also show a strong upward trend, which will be volitile due too small float. So, help me to understand how we could see 7's?