Zacks' Voice of the People highlights opportunities with Hewlett-Packard

CHICAGO--(BUSINESS WIRE)--Zacks highlights commentary from People and Picks Trader “globlchrtanlysis”.

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Is HPQ a Broken Stock? - Part 3

Did you sell Hewlett-Packard (NYSE: HPQ) at $47 or are you still holding at $37?

Time to buy HPQ or should you sell more?

In this series we have been profiling HPQ and how it has been a broken stock. We first pointed this out when HPQ was trading at $47 on May 18. We pointed out that HPQ could see levels as much as 20-30% lower in the $36-$39 range.

Like anytime we point out the weaknesses in widely held and widely loved stocks, our analysis was met with much criticism. How dare we speak of lower levels in HPQ! HPQ is a great company! HPQ has solid fundamentals so it can’t go lower! HPQ does this, HPQ does that! Well here we are! We are trading in the low $37 levels. Were you listening or was your head stuck in the sand like a majority of the portfolio managers who use primitive timing models?

Now that we have caught most of the meat of the move and are pushing into some old support levels we would look to take profits on ½ of any short position. We now see the potential over the short term for HPQ to make a move of 10-20% higher and could hit the $40-$43 levels over the near term. The trajectory of HPQ is still lower by as much as another 10-15% but a bounce to these $40-$43 levels over the short term is enough for us to take profits on a portion of the HPQ idea.

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