Sand Spring Advisors LLC
Best Buy Fully Baked
April 3, 2002
by, Barclay T. Leib
Chart produced using Advanced GET End-of-Day
For those who don't track such things, Best Buy lowered its earnings expectations Tuesday, and the stock promptly dropped $4, or approximately 5%.
We do not normally follow Best Buy and do not want to unduly come after a company that has been on a clear roll of late within its consumer electronics niche. But we also wonder: What is the "killer product" out there at the moment that can keep Best Buy earnings growth anywhere close to Wall Street expectations?
We also see in the chart above a stock that after falling all the way to a 76.4% retracement of of its 1991-2000 upmove, is now back to just under a Fibonacci 9.01% (23.6% x 38.2% = 9.01%) retracement level. We also see a chart pattern that in a similar fashion as the topping picture presented by GE last summer, reminds us quite a bit of the 1936-37 Dow Jones pattern pictured below.
Needless to say, we are not holding any longs on Best Buy.
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