Good morning to everyone. The market this morning may be well on its way to having a healthy pullback after the unemployment claims came out at 8:30 AM meeting estimates for number of job losses at 440,000 for last week. While it was not above estimates, the market has moved at great distances in a short time on relatively good news. This is the first big hit, and I think it may be a catalyst for a small pullback. Our JC Penney position is still open. We entered this Play of the Week on Monday at 29.15. The stock closed yesterday at 29.63. Kohl’s, this morning, reported earnings that beat expectations (0.64 vs expected 0.62). The market, however, is not reacting well on disappointing outlook. We will just have to wait and see how JCP reacts to the news and its pre-earnings buzz. We are looking for an exit of 30.30 at the lowest.

Let’s get into today’s picks…

 

Buy Pick of the Day: Direxion Daily Energy Bear ETF (ERY)

Analysis: IN PROGRESS

Entry: We are looking for an entry of 9.80 – 9.90.

Exit: We are looking to exit for 2-4% gains.

Stop Loss: 3% on bottom.

Short Sale of the Day: Gildan Activewear Inc. (GIL)

Analysis: IN PROGRESS

Entry: We are looking to enter at 30.45 – 30.55 for our short sale.

Exit: We want to cover on 2-3% gains from entry.

Stop Loss: 3% on top.

 

Good Investing,

David Ristau