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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • After Hours Rally for Starbucks Corp (NASDAQ: SBUX) 0 comments
    Jan 20, 2010 5:39 PM | about stocks: SBUX

    January 21, 2010

    Shares of Starbucks Corp (NASDAQ: SBUX) closed with a loss on Wednesday, January 20, but then rallied in after-hours trading after the coffee maker posted a better than expected earnings report.

    In fact, Starbucks said that same store sales rose 4%, the first gain since the beginning of the recession and considerably greater than the 1.5% gain forecasted.

    Starbucks reached the 50% retracement of its bear market decline in mid-December when it closed at $23.68. This is an important resistance level and shares have been unable to surpass it since.

    But with today’s report, share prices jumped 3% as of the writing of this report and that is decisively above resistance, forecasting a run to the next resistance level up at $27.42, about 17.5% above Wednesday’s close.

    Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in Starbucks.
    Stocks: SBUX
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