Best Buy's stock chart ($BBY) continues to look weak and is double dipping towards the 2008 low. The stock closed at $19.94 today, a level not seen since October 2008. For the long side, BBY needs to build a support level and see a positive catalyst so it can attempt to break through ceiling resistance and that downtrend line. The first chart shows where BBY is trading relative to the 2008 crisis levels; the second chart is more short-term.
My previous post looked into their store strategy going forward as they plan to close 50 big box stores. They are trying to slim down their square footage and build out more mini-Best Buys. Here is a snapshot of one of their Best Buy Mobile stores, and below that I found a Best Buy Express machine at JFK airport.
Best Buy Mobile
Best Buy Express