“History never repeats itself, but it rhymes.”
That’s a famous old phrase, and I’m not quite sure what it means.
But I do know I’m getting the feeling it’s 2007 all over again.
Back in those glorious times of murky derivatives and owning five houses with no money down, BlackBerry (BB) was all the rage.
It was so pervasive for the Wall Street, Master-of-the-Universe types that BlackBerry got a nickname.
CrackBerry.
Because having a hand-held internet device was so addictive.
But then Steve Jobs changed the world.
The smartphone addiction got stronger, but BB got weaker.
Eventually, Wall Street bought iPhones and everyone forgot about BB.
Until now.
BB is still a thing and it’s been riding some excellent recent momentum:
It’s around $5.60 now, but a break above $5.75 could send it soaring.
It’s exploded up to the $20 range twice in the past few years.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
