Hubert Senters here.
Let’s take a look at Best Buy, BBY. Obviously, this week Black Friday coming up. It’s usually profitable for a lot of retailers. It’s losing a little bit of its buy because we’re all getting lazy and we’re all doing it online. No one wants to fight all those crazy crowds anymore.
But anyway, this is a trade that is breaking away to the high side. But me in particular I wouldn’t take it. Now, usually on the videos I’m telling you hey, this looks a good trade higher, this looks good trade lower.
I’m going to walk you through the thinking process of why I wouldn’t do this. It doesn’t mean it won’t work higher. Potential bracket if you’re going to do it and just take your thinking process out of it and take your opinion out of it.
If it goes above $83.64 or you could get long. Now, heads up, a lot of retail stocks they’ll rally into this symbol and then sell off. You just need to be careful with that thing. I’m not saying not to take it. I’m not saying to take it.
It looks like it wants to go a little bit higher. It gapped up today. It’s got a potential higher on it. If it goes higher it may ran out of gas so I would use a tighter stop than I normally would use just in case that thing runs a little bit and then tries to turn around and haunt you down. It will kill you.
Mark Helweg is going to be doing a special webinar on ‘’How to Potentially Profit from Huge Market Moves’’ without predicting the direction tonight Tuesday, November 26th at 8PM EST.
I’m not sure how many videos I’m doing this week. I’ll probably do something tomorrow. I’ll probably do on Wednesday and then after that I’ll probably won’t do Thursday and Friday it all depends because it’s Thanksgiving dinner just like most of you will be anyway.
Good luck. Hope it helps. See you on the next video.