FOSL Continuation Pocket Pivot 082710
Fossil, Inc. (FOSL) has been flashing pocket pivot buy points at us since July 22nd, but the deleterious market action has not led us to consider it actionable. With the market acting like it may want to follow-through in the next few days, the continuation pocket pivot points in FOSL over the past four days in a row (highlighted), with the most recent on Friday taking the stock to new high price ground, give it the look of power and strength. As well, FOSL's earnings growth over the past three quarters has accelerate from negative growth to 75%, 104%, and 132%, respectively, which is impressive given the current economic malaise. Note also that FOSL had two pocket pivot buy points within the base, and another one on the pullback that occurred after the stock had a big gap-up breakout. This gap-up breakout was a buyable one, but it failed. However, the pocket pivot point on the pullback as the stock held its 10-day moving average would have allowed one a re-entry point.
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