Shares of Best Buy (NYSE:BBY) are looking like a good buy, up $1.98 today. The consumer electronics retailer announced today that it would be the first reseller of Inetcam's iVISTA webcam software.
Best Buy Point and Figure Chart
62 had presented stiff resistance for Best Buy, but was eventually able to give a quadruple top buy signal with a bullish price objective of $76. (6Xs in buy signal column * box size of 1 * bullish multiplier of 3 = 18. Column low of 58 + 18 = 76). $76 may be a bit optimistic, since a heavy congestion area formed between $70 and $80 last August, but $70 could be in the cards. Before that can happen, BBY has to clear one last point of resistance by trading $66. A little help from other retailers would hurt, and the Retail Index is trying, up 1.03%.
Retail Index Daily Chart
The Retail Index (RLX.X) had rough week last week, dropping 6%, but is trying to build support around the 860 level. There is still some work to be done to get back on the bullish track, starting with climbing above previous highs and a 38.2% retracement level around 880. Once those are cleared, RLX can worry about assaulting the 50-dma, and May downtrend.
The rebound of the day award goes 3M. The stock was down over $4 this morning, but is now up $1.55, and mostly responsible for the current rally in the Dow. Technology stocks IBM and Intel are also helping, and only 3 Dow stocks are in negative territory.