Event Stock - WOW. 24/1/2011

Woolworths (WOW) doesn't quite qualify for "Loser of the Day" Award - that goes to Coca Cola Amatil.

But WOW was second (last) on the list.

I monitor WOW quite carefully. It is one of my favourite stocks and I often trade it. Seven days ago it broke above resistance, and by all the usual criteria it looked like a "buy". But it didn't "smell" right. It hit an important resistance level five days ago - and hasn't gone on with the job. I was looking to buy today if the stock bounced here. It didn't.

Today - WOW reported - and the report was not well received. (To say the least.)

I wouldn't give up on WOW - it does seem to be forming a base. And could come good.

But today's action was not encouraging. :(

Good luck

Red