Starbucks Is Perking Up

I have been holding on to my positions in Starbucks (SBUX), patiently waiting for a bottom in the stock.

Recently, the stock has started to find some support, and began bouncing around the $26 level, give or take.

Yesterday, the stock started moving higher, and volume really picked up. Today, that move has accelerated, and the stock gapped higher this morning and never looked back.

Volume is accelerating today, and the stock has now broken above its overhead 50-day average. This is a good sign, and an important first step in reversing the downtrend in which the stock has been mired for most of the year.

long SBUX