Bed Bath & Beyond Inc BBBY - Daily - Turning up from oversold
BBBY seems cheap to me at 1.1 times sales (PSR 1.1) and with earnings just 7 days away and with retail stocks already suffering under the weight of poor retail sales, I think the news is already out and some upside may be more likely at this stage. The last time BBBY declined it fell for 114 market days and approximately the same percentage decline. That is only an interesting point but nothing to rely on.
The "range expansion" for BBBY in this little rally off of the 60 level is indicative that the sellers are exhausted and that short-covering and new buying may be in the cards in the short run.
With EPS only 7 days away - this is a short-term trade. Exit before earnings even though my forecast extends well beyond 7 days.
Tim 61.26 +0.71 last +1.17%
11:54AM EST 6/18/2014
The "range expansion" for BBBY in this little rally off of the 60 level is indicative that the sellers are exhausted and that short-covering and new buying may be in the cards in the short run.
With EPS only 7 days away - this is a short-term trade. Exit before earnings even though my forecast extends well beyond 7 days.
Tim 61.26 +0.71 last +1.17%
11:54AM EST 6/18/2014
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