A long position in Lululemon looked like a hot trade but so far all it’s done is burn Fast Money trader Pete Najarian, co-founder of OptionMonster. Najarian made the fateful call back on May 11th.
At the time he said, “This is a name that is just absolutely impressive This is a great entry point.”
That was when LULU was trading around $73.
But - flash forward 2 months - and it's safe to say $73 was not such a great entry point. On Tuesday July 3rd, LULU was trading $57.Now what?Najarian remains a buyer. “I still like it," he says on Halftime. "Their numbers are still outstanding. Around $57 I think the stock goes higher.”
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