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Pastimes : Starbucks SBUX

SBUX 84.22

-1.2%

Dec 31 3:59 PM EST

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To: Murray Rudd who wrote (110)	9/25/1996 6:37:00 PM
From: Candle stick	of 148

How about a low of 33 today- thats on the way to hammered if you ask me- major trendline support broke today and there was high volume as plenty of people ran for the exit. And since when is coffe a high end product? Anyone with some capital can open up acompeting store as the 220 Manhattan coffe houses prove(thats excluding Starbucks of which there are at least 10?). Dont get me wrong. Im not trying to predict the end of SBUX, just pointing out that even the best companies become overvalued and are subject to occasional downturns, (Look at Disney,Coke, ATT just to name a few). Everything on my charts indicates a 20 to 25% downmove is justified and that would only be a move to 27- 30 dollar area. Not traumatic but I would rather be short than long here for the time being. I think the move will be a quick one given the high P/E.

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