The Euro is rebounding, and Greece has announced that they are privatizing their water and rail systems. It is good enough for investors in America, who are taking futures higher. This is good news for us as yesterday we got settled into a position for Quiksilver Inc. (ZQK) at 4.60, and we are staring at a 4% loss currently. The market’s ability to move upwards would help us with this positition significantly. ZQK is our only current open position

Be sure to check out my latest portfolio update for my $10000 2010 portfolio that is up 18.5% with a 75% success rate. I have listed the trades and given some information at the portfolio in a post yesterday afternoon.

Today, I will be doing today’s morning picks, the second part of my Daily Discourse on the IMF and its role in heavily indebted nations, and I will also be looking for a profitable overnight trade. I have to head out around 2-3 PM today, so I will have to finish all that up before then. I couldn’t pass with the chart to the left. Since I am just three years out of this category, the teenager chart appealed to me. Crazy to see such a drop…not good for Abercrombie and Fitch and movies.

Let’s get to it…

 

Buy Pick of the Day: Hovnanian Enterprises Inc. (HOV)

Analysis: I scrapped my original Buy Pick of the Day because I actually do not have a very great feeling about the market today. Futures are up, but they are up on nothing. Some minimal Euro movement and news of Greece privatization of water and rail. Futures have continued to decline all morning, and it is definitely a questionable market as we start the day. One industry that could definitely move upwards if they get good news at 10 AM and should be able to move upwards throughout the day is residential construction. The pending home sales will be a nice indicator to give the home industry a boost. It is bad, however, Hovnanian Enterprises Inc. (HOV) still presents a nice play on the day.

HOV reports their earnings in after hours. The company last quarter reported a surprise profit that was over a 750% surprise in profits. The company was expected to be at a loss, but they were able to turn a significant profit. Investors should be remembering the huge quarter from the company as they continue to come closer…
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