Hello Oxen Report Readers,
Hope you all have had a nice long weekend. The only open position I have to mention is Citigroup (C). We got into this one Thursday in the low 3.50s and saw it rise to 3.56 yesterday. You may have been able to pull a small 2% gain. If you are still holding, we are looking at most likely a down day for C due to weak bank earnings, but we will have to wait and see.
Buy Pick of the Day: Proshares Ultrashort Financials (SKF)
Analysis: Oil is down. Futures are down. Bad earnings came in from Bank of America and Morgan Stanley. Is there any way the market can rally. I was awaiting the economic reports on housing starts and building permits before saying ABSOLUTELY NOT. The reports have come in better than expected. Building permits were 650,000 for the month of December, while expectations were only at 590,000. PPI was higher than expected, which shows some healthy inflation. Housing starts did come in a bit weaker than expected, but it was not enough to really make much of a difference.
I think any boost, though, that these reports can provide will be…
IN PROGRESS
Entry: We are looking for an entry of 22.10 – 22.20.
Exit: We are looking for an exit of 2-3% on top.
Stop Loss: 3% on bottom.
Short Sale of the Day: Covidien PLC (COV)
Analysis: IN PROGRESS
Entry: We are looking for an entry of 50.65 – 50.75.
Exit: 2-3% on bottom.
Stop Buy: 3% on top.
Good Investing,
David Ristau
