I thought I saw a triple bottom a while back, with the lows set at $23. I also thought the breakout above $26 was a good sign, but it wasn't on heavy volume, so I guess it could be termed a "false breakout". Then again, I'm only an amateur at technical analysis. Can anyone else comment on the technical action? Arnie?
In the past couple of months, we've dipped a little lower then $23 intraday, but we've always managed to close at or slightly above $23 so far during this slump. Let's hope we can do so again today.
I know it's frustrating and difficult to explain, but it's not like we haven't seen this before with JITB. Also, many good stocks are off significantly from their recent highs, most even more than JITB, believe it or not.
The saying goes that the good stocks are the last ones down in a pullback and the first ones up in an advance. You know my views on FM's support as I've mentioned them previously. Volume on the downside has been higher than on the upside - not a good sign. I think the stock is vulnerable.
I discovered the first JITB/Texaco combination unit the other day while driving through the Palm Springs area. It is located off Dillon Road, near Indio. It just opened, and the manager said it is the first in California. I heard of these concept combination units being tested in Texas a couple of years back, but JITB never went out of their way to give specific information on their performance that I can recall. My guess is that JITB didn't trumpet the opening here in California because it is still considered a test concept.
Anyway, it was a bright and shiny unit, V-shaped and connected, but with JITB on the left and the gas station convenience store on the right. It had about a dozen gas pumps and was on a spacious corner lot. Inside, the JITB wasn't as large as some of their newer restaurants, but seemed to be about the size of the smaller, original "box" styles of the past.
While they are about a long block away from I-10 and the huge truckstop restaurant & gas complex located right off that freeway, they are still visible. I wondered about this location, since there are at least 2 other new locations in the Palm Springs area (Coachella Valley) that are right next to the I-10. This JITB/Texaco is next to a smaller highway that splits from the I-10 a mile north and heads down to the Salton Sea. On the other side of them is the main entrance to the Spotlight Indian Casino, with good traffic flow.
I ordered breakfast there a 7am, and a few cars came through the drive-thru while I waited for my food. I stopped by again for a late lunch (3 pm), and again there were a few cars going through the drive-thru and 2 other customers eating in the lobby. I like to see JITB restaurants staying busy throughout the day, in between regular meal hours.
Service was great, food was excellent of course, all up to Jack's standards. The manager I spoke with said that they had been open about a month and that they were meeting projections.
I did notice that gas was expensive, and I saw offbrands being sold locally there for 20 cents less/gallon. But then again, I've always avoided Texaco because it is usually more expensive. (I didn't have time to check the gas prices at the truck stop closer to the I-10) There were a few other cars at the pumps while I was getting gas. The staff inside the convenience store were bright and cheery, like their JITB associates.