The good news is that AZO has sustained it's advance very well. This shows that there is buying support and that it's recent breakout thus far is not a headshake.
I was able to get in at the low 40 level. As I daid several days ago, the stalled chart (sideways pattern) was looking bearish, but it acted on news and broke the resistance. This is a decent sign to buy.
Good luck to everyone. And be sure to use stops to protect yourself from the unseen. That applies to long & short positions.
Ready for its own breakout to new highs on high volume. It's pe is also much lower than AZO or PBY and owns the real estate. It is starting to do a sale/leaseback of real estate at prices way above what the market is valuing the company per store.
I bought AZO in May-August 2000 in the low to mid 20s. The stock price had gone nowhere in several years but the fundamentals (sales and earnings) had been improving. Also bought it because it was a well maanged company with a solid business franchise. I like my approach better than yours (you are paying almost twice the price I paid) or whatever approach Merril Lynch is using (waited until today to issue their buy reco).
I always encourage people to do what their comfortable with.
It took you a year to realize a 100% gain on a stock that's chart was not initialy indicating any poise or sig. volume support.
Buying at New Highs with breakout support usually earns a 10-25% gain. I take my profits normally in 20% clips, when possible less or more depending on cycle.
Doing that more often in your time period is more profitble. It also sets us apart in the terms of trader and investor.
Keep in mind though, there is risk. I set stops at 8% and have had my share of stop-loss orders filled. But overall using set rulles and sticking to the plan has allowed many more 20% gains than 8% losses. I have been investing with this method for over 6 years and in works wheter the market is down or up, and that's the best part.
The key is, get into a company with real earnings, strong RS, and one that is top perfoming it's industry.