Bought BEBE stores at the close ($BEBE)

Bought Bebe stores at the close today at $9.00, based on the fundamentals that the markets favored the other day on optimism that the store’s sales are gaining traction again QoQ and expects to report positive earnings by the second half of the year.

Technicals looks great sustaining above the prior $8.94 resistance level well into the close.  The $8.94 level was broken through with high volume on May 8th, 2009.  Short term target price is $10.20.  Stop price at $8.50 prior to closing as my selling point. 

 

The thing that pulled BEBE down today was the comments made by well known analyst who predicted the banking collapse, Meredith Whitney.  But like they say, not all paintings should be painted with the same brush and I am going to give BEBE the benefit of the doubt.