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WFMI None

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Whole Foods - WFMI - close: 104.16 chg: +2.18 stop: 98.99

Company Description:
Founded in 1980 in Austin, Texas, Whole Foods Market is the largest natural and organic foods retailer. The Company had sales of $3.9 billion in fiscal year 2004 and currently has 168 stores in the United States, Canada and the United Kingdom. (source: company press release)

Why We Like It:
We have had our eyes on WFMI for a while. Wednesday's breakout from its three-week consolidation above the 50-dma but under the $103 level is just the sort of entry point we've been waiting for. The technical oscillators are turning positive again and its MACD just produced a new buy signal. The P&F chart is bullish with a $139.00 target. The stock has withstood the market volatility pretty well and now that the major averages are trying to bounce WFMI should have a chance to spring higher. Our target is the $112-115.00 range. Our time frame is one month. We plan to exit before the May 3rd (or 4th) earnings report.

Suggested Options:
We are suggesting the May calls.

BUY CALL MAY 100.00 FMQ-ET OI=1017 current ask $5.90
BUY CALL MAY 105.00 FMQ-EA OI=1087 current ask $3.90
BUY CALL MAY 110.00 FMQ-EB OI= 556 current ask $1.95

Picked on April 06 at $104.16
Change since picked: + 0.00
Earnings Date 05/03/05 (unconfirmed)
Average Daily Volume = 956 thousand
 

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