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BlackBerry rocketed into 2014—time for a breather?

BlackBerry is our turnaround stock for 2014 — and we believe the stock is likely to be much higher by the end of the year — but we are NOT buyers at current levels.

The stock is up 33 percent year-to-date (it closed Tuesday at $9.93 a share) and although we probably won't begin taking some profits until the stock is near $17, we think the stock does have room to pull back given the run-up that has already happened.

(Read more: BlackBerry CEO John Chen: Here's our new strategy)

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We believe in the technology, and although new management is now focused on growing the company and not selling the company, we also see stabilization and customer-acquisition potential this year. Reasonably, the next EPS numbers may be as bad as any last year, but there has been an internal change, and new leadership is not shopping the company like old management tried to do.

(Read more: This girl just got fired: BlackBerry splits with Alicia Keys)

Watching the fiasco that happened at BlackBerry last year was entertaining, right up there with the problems at JCPenney, but now that an internal change has taken place and the growth of the company is now the focus of management, something else interesting is likely to happen.

Although no one seemed interested in BlackBerry last year, when it was being shopped around for $9.50 a share the stock price today surpasses that value already, and those companies who shunned BlackBerry last year (Facebook did this we understand), might have a complete change of heart now that they see renewed interest in BlackBerry products and services.

(Read more: BlackBerry sues Ryan Secrest's Typo over keyboard)

Last year, the old management team dropped the ball, they almost destroyed a very solid company, but when mistakes like that happen, opportunities also present themselves. That is exactly what has happened thus far for BBRY, and that is exactly why I selected BBRY as the turnaround stock of the year for 2014, but anyone chasing the stock at these levels might need to ask themselves if they would be better off being patient.

— By Thomas H. Kee, Jr.

Thomas H. Kee, Jr. is president and CEO of Stock Traders Daily and founder of The Investment Rate. Follow him on Twitter @marketcycles.

(Read more: Has Google unseated Apple as the king of innovation?)

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