Seven directors of Burberry (BRBY, 229p) bought shares in November after the group warned of ‘tough conditions going into Christmas’.

Results today show like for like sales down only 3%, and an expansion of the cost cutting plan by an additional GBP 30-35m (Burberry Third Quarter trading statement here).

The shares have bounced sharply in relief today that trading over Christmas wasn’t as bad as the market had been anticipating.

So who did you listen to, the scary ‘tough conditions statement’ or the directors ?

Did you pay attention to the words or the actions?

Burberry shares are now up more than 35% since our comment on November 24th (STRONG signal, Positive view, see ‘Burberry Check’), and have outperformed the FTSE 250 index by over 20%.

Take profits.