timwest
Short

Best Buy BBY is AT SUPPLY levels

BATS:BBY   BEST BUY INC
874 15 11
Best Buy             BBY             has a 14.45 Billion Mkt Cap. Revenues are FLAT over the past few years:, hovering around 50 Billion.
Earnings are just over $1 billion over 4 years thru 11/2/13, which is a measly 2% return on investment per year had you purchased the entire company 4 years ago for $14B.

There are 349 million shares outstanding and a short position at Jan 31 was 34.7 million shares or 10% of the shares. Now it is down to 15.8 million shares. Even though the stock trades heavily, 19 million shares have been covered at a huge loss and provided at least some of the fuel for the rally.

There is a topping pattern taking place and it may take longer to form but I am willing to take a chance, even ahead of the holiday season. Any short-term weakness though and I will be covering.

$42.27 last, target $38 initially. Stop $45.50 initially.


Cheers.

11:54AM EST, December 5, 2013
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Traderoo
3 years ago
Totally agree with your analysis and sentiment. I think any dump will come post-2013. I've been holding Feb 37.50 PUTs (stubbornly).

Been years since I've been inside a Best Buy store. Got a TV recently - researched and bought online (at Amazon). But I should visit one to see what they're like now.
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timwest PRO Traderoo
2 years ago
I hope you still have your Feb 37.5 puts! If so, you can buy the stock pre-market to close your position at $27 last at a great profit :-)
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Barker
3 years ago
I'm seeing strong support at 40.40 but agree with your targets. Daily and Weekly Stochastics are pointing straight down. Nice work!
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timwest PRO Barker
2 years ago
It's going down, but wondering about covering for a short term lift.
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Awesome!
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Unless it breaks the $42.90-43.00 then it can test $44 and break that as well. We'll see what happens!
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broken87
2 years ago
hey tim have you noticed something weird is going on with YHOO......I am looking at all the financial sites and my TOS platform are all saying the recent highs were not around 44 dollars but around 40.25....can anyone explain this?
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timwest PRO broken87
2 years ago
I don't know
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broken87 timwest
2 years ago
So have you readjusted your stops and targets based on the chart or is it all the same still?
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StealthTrader
2 years ago
Great Work
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timwest PRO StealthTrader
2 years ago
Take a look at this BBY chart today
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timwest PRO
2 years ago
This is tracking almost identical to the forecast. I'm considering what to do at this level.
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timwest PRO
2 years ago
This is a decent time to cover BBY short position on this break of support and the drop into the gap. I will not go long but instead will wait for a rally back up to re-short.
Cheers.
11:22AM EST Thursday, Jan 9 2014
Reply
Nice Call
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timwest PRO QuantitativeExhaustion
2 years ago
Thanks. The stock is down to $26-$28 this morning.
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