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I'm recommending that investors close their short position with GameStop Corp. (GME), first recommended with a sell rating on May 26, 2009 at a price of $26.00. The era of the 'frugal consumer' continues: basic games are in, pricey games are out. However, the U.S./global economic recoveries are two tailwinds that could offset the above.
To be sure, the U.S. recovery is off to a mild start, and is projected to remain below-trend in 2010, but the calculation here is to take the roughly $5 profit with the short, and run. Technically, the fact that GME also will encounter double-bottom and psychological support at $20, tips the scale in favor of covering the short.
Stock Analysis: GameStop -- Cover Short. Previous buy/stop loss if you sold shares in this company: $33.
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Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.
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