The earnings release mentions that full-year profit from continuing operations grew to $1.53 per share versus $1.36 per share in the previous fiscal year even though shares outstanding saw a better than 2% increase. I like it. What helped things out was the complexity of the tax returns; this increased the value of the fees charged. H&R Block saw good growth for its online preparation model, too.

I enjoyed the results. So I'm a buyer of the stock, right? Well, not exactly.

From a price-action perspective, I don't like how the stock has been performing year-to-date. As of this writing, the stock is down 30% on that measure based on yesterday's closing value. And, if you read a previous article of mine on the company, you'll know that the stock has obviously disappointed me.

I'm writing this ahead of Tuesday's bell. If shares of H&R Block rally today, something I'm assuming may be likely given yesterday's after-hours response, I absolutely would not trade the momentum. I would not check in with the stock until it saw a significant pullback. Then, you could do some due diligence.

Personally, I think H&R Block is improving fundamentally. Its guidance seems cool to me. Keep it on a watch list. I don't necessarily see it as a great core holding, but it probably can be used at times as a trading vehicle.

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