16May1:39 pmEST

Let Them Drink Asparagus Water

Whole Foods Market, Inc. has been properly punished by the market since late-2013, as the stock price dropped from $65.59 to a recent low of $27.67. That type of correction over a period of years is sure to wash out a good deal of longs. It also serves to likely price in plenty of, well, pricing issues that WFM became notorious for, such as the $6 bottle of Asparagus Water, photographed above. 

However, at a certain point the bad news and absurd pricing may be organically baked in to the Whole Foods' stock price cake. 

Whole Foods may also be getting lost in the shuffle of more prominent potential long-term turnarounds taking shape this spring, namely BBRY FEYE and TWTR. But it seems like a mistake to overlook the technical breakout for WFM, seen below on the daily timeframe. 

Note WFM is holding valiantly over its breakout in the mid-$30s, decent a recent earnings hiccup. The willingness of buyers to step in even after a post-earnings downside reversal is impressive today, indeed. And when you consider the sheer size of the sideways, dead money period the stock endured since 2015 after its initial plunge, it makes the breakout all the more noteworthy. 

Whole Foods is another in a basket of long-term turnaround plays which merits watching this summer. The bear arguments against WFM at this point are "open and notorious," which means the market is well aware of them, too. 

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