Headed into a holiday-shortened week after a stunning upside reversal last Thursday and Friday, I would not be surprised to see a bevy of low float, heavily-shorted stocks see some good action. Seeing as many varsity institutional traders are away from their desks on holiday, when the cat’s away the mice will play.
One of the better-acting stocks throughout this correction has actually been Barnes & Noble, Inc.. I know all of the arguments for why the bookstore businesses is as dead as disco, but the stock has reacted very well in consolidating its huge gains at the end of April on the back of a partnership with MSFT (as well as a hedge fund taking a major stake). The chart has both a rising 50 and 200 day moving average, saw an uptick in buy volume on Friday, and is loaded with shorts to squeeze.
No position yet, but I am stalking on strength.
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Chess – is one of your pastimes, playing chess whilst sipping vino?
Yeah, you could say that.
And smashing shorts with marble chess pieces.
Don’t know how many books they sell, but the cafe at the local Barnes and Noble is always packed.