Best Buy (BBY; last: 38.04)

bestbuy-run-overIs Best Buy’s winning streak over?  Quite possibly, since the maximum target we could have projected using the daily chart, 39.28, came within three cents of being reached on last Thursday’s gap-up rally.  We hadn’t noticed this potential exhaustion spike until an e-mail arrived from our friend Zane B., who turned bearish on the stock last week. He is evidently itching to buy some in-the-money puts, although our preference would have been to acquire out-of-the-moneys last week when the stock was just inches from the target.  BBY’s strength has been based partly on the demise of a major competitor, Circuit City, but the chain may also have benefited from the surprising strength in big-screen TV sales.  In any event, let’s bid 2.65 for two June 35 puts (BYYRG), day order, in case the stock feints higher. _______ UPDATE: Fuggedaboutit. Best Buy is getting clobbered with the market today and the puts have traded no lower than 3.40.