It may be an Olympic related move, or something else, but Nike
Inc. (NYSE: NKE) broke out last Friday.
Chart Courtesy of StockCharts.com
It makes sense for a sports apparel company's stock to break
out during an Olympics fortnight. Yet, Nike isn't exactly
known for its winter gear.
What's more important to Nike is summer and indoor sports such as basketball.
This year, though, Nike could actually make big bucks on soccer, as the World
Cup will take place.
In fact, Nike's been telling the press that its soccer sales, ahead of the World
Cup, are ahead of schedule. Goldman Sachs upgraded the shares last week, also
helping the stock move.
From a technical standpoint, Nike was due for a move, as it had been moving sideways
for months. When a stock forms such a base, it is often the prelude to a big
move of some sort, up or down.
If you look at things from a broader point of view, though, rising fortunes for
a sports apparel company suggest that maybe people are starting to take their
minds off of some of their misery and turning toward more positive endeavors.
That can't be bad news.
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