Yesterday was another pretty solid day for The Oxen Report picks. Our short sale of the day, Cytec Inc. (CYT), was a gem. The stock opened way too high for its market value, and we got in at my suggested range in my Oxen Report Morning Levels Report for Oxen Alert members: “CYT has moved all the way up to 34.00 in pre-market trading. We are going to therefore readjust our entry price upwards to account for this market. We want to now set our entry price at 34.20 – 34.30.” After getting in at 34.30, we were able to exit for a 3% gain at 33.27 nearly 15 minutes into the trading day! We got into DUG at 14.35 and were looking for an exit price originally of 14.64 and up. However, in my Oxen Report Midday Message Alert for Oxen Alert Members I signalled to readers, “We are going to have to adjust our exit down to about 1% as the market has rallied over the past hour on strong biotech and medical stocks.” That readjustment brought our exit price around Noon to 14.50. The stock never got back up to that level, and we had to settle for a small loss at 14.20. Got one out of two and were so close to 2/2.
So, what is on our plate for today’s picks?
Buy Pick of the Day: Penske Automotive Group (PAG)
The market looks set for a rally today, as the Americans market are influenced by the world markets rebound. China led the way Tuesday with its 1.5% recovery from yesterday’s sell off. The Asian Development Bank commented that it was upgrading its growth forecasts for China and India and said that these economies were leading the way in the global recovery. 
Great news for China and India. It appears American investors are taking it well as futures are up with the Dow up above 50 points and the Nasdaq near 10 as of 8:45 AM.
The market is also being led, however, by some important earnings data, which is the first that we have seen in awhile and could be a slight signalling of what is to come in October for the important Q3 earnings. ConAgra Foods beat estimates with a 0.38 EPS vs. the estimated 0.34 EPS. The real gem, however, was Carmax Inc. (KMX), which beat earnings by 100% grabbing 0.36 EPS vs. the estimated 0.18 EPS. The company,…
