Adobe shares rose today inspite of the weak market conditions to $38.09 +0.45 +1.09%. Oppenheimer & Co analyst Sasa Zorovic states that the shares are undervalued at the current levels. He sees strong Adobe Acrobat 8.0 sales.
As I said in my previous blog, Adobe price action is very interesting and may be worth while to consider accumulating. Adobe still remains in a down trend but today's price volume action may have halted that and we may see upside price action soon. I will continue to monitor this stock for possible entry point. Short term resistance is near the $40 mark.
Dennys restaurants DENN is also showing encouraging price to volume action. This stock has had tremendous run but I don't think it is done yet. They report earnings on Thursday 2/15/2007 and continues to make progress in their turn around. The stock closed today at $5.52 +$0.10. This has broken out of what appears to be an awkward double bottom base, or if you look at the most recent base, a cup with handle base. Volume is kicking in and this may prove to be a good intermediate term holding. This is a speculative stock and should be apporached with much caution. But technically, the stock looks strong.
Disclosure: I have no position in Adobe or Denny's.
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