You may not think much of real estate, but don’t overlook Zillow (Z) (May 17, 2014)

I want to look at Zillow ( NASDAQ:Z ) today. This actually is stock that’s in a really nice pattern; a lot of folks are bearish on the home builders or the real estate industry and that’s fine, but this is an Internet company, they don’t own wood, they don’t have stuff for sale or stuff to buy, what they have is information. So you look at this, this has been in a really nice bowl pattern on the daily chart; you look at it on the weekly chart, another really nice pattern, this is close to an all-time high, which when the stock opens up in 2011 it’s not like you got that much data, but this is a stock that’s continued to work, it was a really good IPO strategy stock here, you got over a double, almost a triple on that.

The stock is now at a point where I think you can buy it; forget about what they’re talking about when you hear real estate or home builders or whatever, don’t think about that. Frankly, when the real estate market really stinks, that doesn’t mean that people aren’t looking at real estate, it just means that maybe they’re not buying it or maybe they’re not selling it. So as long as folks are still interested in what houses are worth, and by the way, if you own a house tell me you haven’t looked on Zillow ( NASDAQ:Z ) and checked to see what the Zestimate is, of course you have, if you haven’t you’re going to do that now as soon as you finish listening to this video. Zillow ( NASDAQ:Z ) does work, it’s working quite well, keep that in mind and I think you can buy it here.

The stocks is trading above the 200-day moving average, which is 86.76, that’s really kind of your downside, the stock can pull back to this level, it can pull clear back to this level and there still wouldn’t be anything wrong with this uptrend; so just know if you’re buying the stock right now you’ve got to be able to withstand a pull back to around $90.00 or so and that has to be okay with you, otherwise you’re just use doing this to make a trade. You can buy a little bit right now, if the stock does give a nice healthy pullback then that’s when you what want to buy some more, but ultimately I think Zillow ( NASDAQ:Z ) moves higher.