Hope everyone had a great weekend. We are looking forward to another great week with The Oxen Report. We start off today with what should be a pretty neutral day in the markets. In pre-market, we got some good news out of the housing sector, which has not been releasing much in the way of positive data as of late. Housing starts and building permits for the month of February beat estimates; however, the market appears to be latching onto that it was the second straight month that building permits and housing starts fell. As investors await the Fed decision, the market will be bouncing along pretty flat, so we want to look for options that can move even if the market is not going to move as much.
Buy Pick of the Day: Rue21 Inc. (RUE)
Analysis: The market is looking to be pretty neutral for the day. The housing data beat estimates, which is good, but it was the second straight monthly decline for this data that we have seen. The market seems to be in limbo about today. Does it continue its way down? Does it move up before the Fed decision around 2:15 PM? Futures are right around 10 up for the Dow, coming off some earlier highs at 18. The decline does not make me excited for a major rally. So, I wanted to find a stock that I thought could make it on its own.
Entry: We are looking for entry in the 33.10 – 33.20 range.
Exit: We are looking to exit with a 1-3% gain.
Short Sale of the Day: Hovnanian Enterprises Inc. (HOV)
Analysis: IN PROGRESS
Entry: We are looking to enter at 4.55 – 4.65 range.
Exit: Looking to exit with a 1-3% gain.