- Analytical Commentary -

March 2, 2010 (FinancialWire) (By Dr. Joe Duarte) — Editor’s Note: Look for Dr. Duarte’s follow-up FinancialWire(tm) commentary on this article in the coming days (via http://www.financialwire.net/?s=djdrtregflp).

It may be an Olympic related move, or something else, but Nike Inc. (NYSE: NKE) broke out last Friday.

It makes sense for a sports apparel company’s stock to break out during an Olympics fortnight. Yet, Nike isn’t exactly known for its winter gear.

What’s more important to Nike is summer and indoor sports such as basketball. This year, though, Nike could actually make big bucks on soccer, as the World Cup will take place.

In fact, Nike’s been telling the press that its soccer sales, ahead of the World Cup, are ahead of schedule. Goldman Sachs upgraded the shares last week, also helping the stock move.

From a technical standpoint, Nike was due for a move, as it had been moving sideways for months. When a stock forms such a base, it is often the prelude to a big move of some sort, up or down.

If you look at things from a broader point of view, though, rising fortunes for a sports apparel company suggest that maybe people are starting to take their minds off of some of their misery and turning toward more positive endeavors.
That can’t be bad news.

For more insight and commentary from Dr. Joe Duarte (http://www.joe-duarte.com/), can be found by visiting Dr. Joe Duarte’s “Market I.Q.’ (at http://www.joe-duarte.com/free/order_choices.asp), Duarte’s “Intelligent Forecasts” (at http://www.intelligentforecasts.com), as well as by reading Duarte’s books (available via http://www.amazon.com/), which include “Market Timing For Dummies”, Successful Energy Sector Investing,” “Successful Biotech Investing”, “Successful Energy Sector Investing” and “After-Hours Trading Made Easy” (co-authored by Duarte).

Dr. Joe Duarte, In addition to regularly contributing to Investrend Weblogs (http://www.investrendweblogs.net/jduarte/), has logged many appearances on CNBC and is a frequent radio guest.  One of CNBC’s original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990.  He is a featured columnist on Stockwatch.com. His articles and commentary have been featured on Marketwatch.com, Barron’s, Smart Money, Medical Economics, and in Technical Analysis of Stocks and Commodities magazines.  In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.

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