The share price of Costco Wholesale (COST) has rebounded sharply this morning as social media users posted pictures this weekend of long lines at Costco stores that resembled Black Friday buying. Supposedly consumers were stockpiling supplies on coronavirus worries.
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This reminds me of 1999 to 2000, but the big lesson during that time was that the crazy uptrend can persist much longer than seems reasonable.
While we face some absolutely insane moves, we have to ask: Where are the sellers?
All the current indicators from trend to momentum to price action sit in a bullish position as the stock breaks above resistance.
The spot market is above the $1,800 threshold.