November 2, 2010
Shares of Family Dollar Stores (NYSE: FDO) broke out above their previous 2003 highs on Back on Tuesday, October 6. They have now broken out again.
After the early October breakout, share prices languished around $46.00, which is a strong resistance level for FDO.
But on Monday, November 1, in a lackluster day for the stock market, FDO rallied and broke out to new all-time highs, closing at $46.57.
FDO is extended here, but such conditions can last longer than anyone expects. FDO could reach $50 a share in short order.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not have an open position in Family Dollar Stores.
Disclosure: The Fibtimer.com (www.fibtimer.com) ETF Timing Strategy does not have an open position in Family Dollar Stores.