- Technical Market Commentary -

(Go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

May 4, 2010 (FinancialWire) (By Frank Kollar) — Shares of Starbucks Corp (NASDAQ: SBUX) suffered last week as did most stocks, but in trading on Monday, May 3, Starbucks gained over 4%, erasing all last week’s losses.

The U.S. financial markets had solid gains on Monday but Starbucks strongly outperformed on excellent volume. Two weeks ago Starbucks posted much stronger earnings for its fiscal second quarter and raised its fiscal 2010 profit outlook. This was the second quarter in a row with positive same store growth.

The target for this advance remains at $27.42, the 61.8% retracement for the entire bear market decline. A close above this level, only 0.8% above today’s close, would be extremely bullish.

Disclosure: The Fibtimer.com Stock Timing Strategy holds a position in Starbucks.

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