I was horrified this morning to look at the 1-year PTRY chart, and there it is, plain as day, a head-and-shoulders pattern. Too bad I'm long. I should have sold at 23. Oh well, these patterns eventually break (take a look at the SNDK chart for an example)
Anyone have any thoughts about this stock? Its starting to look cheap again, and didn't they buy a 47 stores in Missouri/Kansas recently? You'd think their earnings would be on the rise.
I think the biggest problem is weather. We've had more snow this winter than I remember in a long time. Less driving and less stopping to fill up the tank. I'm also disappointed in the performance of this one in the past year, but I simply see it as an excellent opportunity to add on. I have little doubt that Pantry will be back in the mid 20s sometime in 2011 and any add on will see about a 60% gain and maybe more considering the moderate expansion that they did in the past couple of years.