According to Michael Fowlkes' preview, Starbucks beat estimates by a penny. I guess that's one bit of good news to the story. In fact, maybe that's why the market is so excited today. Last time around, Starbucks didn't manage to beat Wall Street at its game.

Yet, my reaction to all the data tends to be on the negative side. I just wouldn't want to own the stock. Am I being too pessimistic? Let's face it, the market is telling me that I'm wrong (either that, or all the short sellers are simply too scared today). The optimism here seems to be centered on the idea that Starbucks is truly a successful turnaround tale in the making.

Turnarounds are tricky things. Restructurings and cost-reduction initiatives are not simple endeavors. Starbucks has a lot going against it. Expensive coffees are difficult to sell in an economically challenged world, and besides, you can get decent java at McDonald's (NYSE: MCD) and Burger King (NYSE: BKC). I don't think Starbucks is going away, and it should eventually figure out a way to adjust to this new period in its corporate life (I do think some better marketing campaigns are needed, however). I just think patience will be needed.

Let me say this: no one should be chasing Starbucks today. There's just no argument out there that could possibly justify buying a company on a big up day when the fundamentals are still pretty bad. You've got to wait for the euphoria to dissipate. Then, you might consider buying and playing this little breakout. With a well-defined stop, of course.

I have to admit: shares of Starbucks have doubled from the 52-week low made back in the fall of last year. People who truly believed in the underlying business model and bought back then made money. If you were one of them, you might want to think about calling it a day and taking the profits. For now, I won't be doing anything about Starbucks. I'll let other investors play around with the stock.

Disclosure: I don't own any company mentioned; positions can change without notice.