Morning Trade - Starbucks
Today, it was announced that Howard Schulz would retake the helm as CEO of Starbucks.
The stock is on a free fall for the last year. Just take a look at the chart
See how the chart moves in almost a straight line down to the right? This is a VERY UGLY chart. Yes, it is Janet Reno ugly. But I think the trend is over. There is no technical reason that it should be, at least not yet, but I think that Schulz taking over now puts a bottom in the stock. I hate calling bottoms, but in this case I would. The stock should open up significantly, it is above $20 in afterhours trading. I wouldn’t get in at the bell, the stock will pull back in the morning, but I would watch the stock carefully over the next day or two. If it can put a few good days together, than this sets up nicely for a good trade.
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