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Best Buy Co., Inc. Message Board

  • fanmailfromsomeflounder fanmailfromsomeflounder Feb 24, 2011 10:29 PM Flag

    Safe to buy now

    A week or so ago I posted the target bottom of 31.39 from the 8/31/10 low.

    Today's close of 32.17 is within the bar of Aug 31, 2010 in effect completing the full retracement. 32.20 was high on that day,

    It may not be the absolute bottom but it is now safe to buy with my first upside target at 50% recovery or $40 +/- a few cents. Have to wait and see what the actual bottom turns out to be.

    Watch for upside volume for final confirmation, but as I said, it is now safe to buy.

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    • Hi,

      BBY recently showed up on http://www.underperformingstocks.com and I'm looking for someone to write a few bullet points on its take off.if your up for it? Write me at davidw@dedasys.com . I'm happy to link back to your own stock blog or site

      Thanks Dave

    • i don't think there was enough panic buying/selling or volume for today to be the bottom

      plus I think today pretty much signaled a market reversal. the NYSE bullish percent is at 76% (historically above 70% signaled a potential reversal). Everything has been dropping excluding inflation proof stocks (bare metals oil).

      The only way I'm getting back in is if it goes below 32, or after some clarity post earnings announcement.

      You said your self, this has set up a triple top triple bottom over the last year, and 27 is possible.

      As much as I want to be long on this, and hate to miss out on the run up that I think is going to happen going into earnings. The market has me too nervous right now, even though I think bby is a steal.

      I'm going to need a huge volume spike to justify getting in above 32 before earnings...

      • 2 Replies to hakimevms2010
      • good tone of caution

        i would say that if you want to get long BBY you should DEFINITELY wait out this quarter

        if they guide down or have a bad quarter you'll see March 2009 lows with a high degree of certainty. this stock can drop 15% in a day easy

        what's more, you don't have a very high short interest built-up in BBY yet either (i.e. not a crowded short that will see a TON of short-covering if they DO BEAT earnings)

        so net-net risk reward still favors shorts given what we now about holiday traffic, snow storms, and growth of online retailers this past Christmas. Hard to say Best Buy benefitted amidst those trends.

        i repeat: Best Buy is an obsolete business model as we head towards 2015... they have ZERO competitive advantages and all the COST DISADVANTAGES to compete with Amazon, Ebay etc... their online strategy is so 2008, so 2000 & LATE...

      • I would have liked to see a spike in volume also but I'm guessing that the overall market's panic this week served that purpose. I think we may see a swift turnaround in the overall market as well. I got some sso near the close yesterday to take advantage.

        Just a hunch.

 
BBY
31.55+0.52(+1.68%)Jul 28 4:03 PMEDT

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