Sunday, October 09, 2011

Here We Go Again With AVT

What can I tell you? It has been a love-hate relationship with Avnet Inc (AVT).

Looking back at the notes of July 18, 2011, we saw continuing deterioration of AVT's price (then at 28.91). Soon after that date, on August 9 to be exact, AVT saw a new 52 week low at 23.69.

With good support at 25.00, it crossed above the 50 day moving average and had solid gains in the last four sessions despite an erratic and uncertain market behavior.

I am tempted to consider AVT a buy on a pullback between 26.25 and 27.50.