Author: Bob Freedland
Covestor model: Buy and Hold Value
I would like to share with you some observations on a single new holding, Genesco (NYSE: GCO), added to this model on 10/21 at a cost basis of $57.66.
Genesco is a shoe and apparel retailer and sells through outlets such as Journeys or Lids. Technically, the stock has been behaving quite well as this StockCharts ‘point & figure’ chart shows.
Zacks did a very nice review of this stock and put it on its buy list back in September. Several points made in the Zacks report included how the company has been growing both earnings and revenue nicely, exceeding analysts’ expectations as well as raising guidance for future results.
While remaining concerned about the global financial crisis (currently centered on Greece with attention developing with Italy), I am hopeful that the market will continue to climb a ‘wall of worry’ and remain focused on companies doing well with positive fundamentals and strong technicals in the form of charts that appear bullish from my perspective. At the same time, I am still rather quick to pull the trigger on holdings that disappoint and show weakness in their trading action.
