Blue Nile Bears in Denial

Originally published in Charting the Market 7/17/07

Some stocks are perennial battlegrounds . But occasionally one side gets the upper hand and the chase is on.  A group of vocal shorts have derided Blue Nile Inc’s (NILE-NASDAQ) business model since it came public.  More recently, Barrons panned the stock at $58. On Monday the stock caught an upgrade from Citigroup, who had downgraded it to Hold 40 points lower. This chart gave off a whiff of napalm yesterday, but only time will tell if Monday’s price action is the final capitulation by a bunch of stubborn bears. You can include me as a loser here too, as I don’t have a position in this one way rocket. No positions

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