I’ve been watching Nike for a few months but haven’t bought any as of yet. The quarterly earning report was obviously another disappointment for a stock that has had its share.
There are a few things that I think are worth thinking about.
1. This isn’t just Nike, the whole apparel sector is under pressure and this is certainly contributing.
2. Sentiment is absolutely awful right now which it’s helping push prices down.
3. Piles of short selling, in the future could be supportive when the shorts are unwound.
I keep thinking there’s probably going to be a very attractive time to invest but I think we could see sub $30 per share prices on tax loss harvesting at the end of the year.