On Tuesday, the Oxen Report picked TWO winners for you both in our Buy Pick and Short Sale Pick of the Day. We will start with the buy. I recommended to you to buy Penske Automotive Group (PAG) out of the gates because it was going to rally to start the day. We were able to get in at 16.71 and take 2% profits after 10 AM at 17.04. The stock was helped by the market and CarMax’s bullish earnings. On the short sale side, we picked up some positions in Macy’s after the stock appeared way too overvalued and overpriced after receiving an upgrade from Citigroup. The upgrade drove te price up over 6% in pre-market, and we got in at 18.95 for a great price. The stock pulled back for the next thirty minutes to 18.54 where we exited. That buy/sell was good for 2%. After going 2/2 yesterday, what do we have in store for today to make you some more $$$.
Buy Pick of the Day: Direxion Daily Energy Bull/Bear ETF (ERX/ERY)
Today is one of those days where the market looks pretty darn flat, and its hard to find those gems that can buck the trend. I am always looking for something that will really move a group of stocks, and there is not a lot out today that could do that. The market has some nice indicators in great General Mills earnings that came out this morning, as well as some upgrades on Lowe’s, Southwest Airlines, and two on Seagate Tech. Yet, these stocks just don’t seem to have the power to make the sort of impact I am want to see.
Therefore, I am going to do an either/or pick based on the 10:30 AM announcement of crude oil inventories. Oil is sort of lingering currently at $71 per barrel, which is basically halfway between the $65 – $75 range it has been trading within for the past couple months. Oil prices dropped in Asia overnight and are down, but it would not take much to reverse this price. Prices are down mostly because there is not anything so far to rally around this morning. The inventories will give the market a great idea of how the market is currently playing oil, and since the price of oil is so fickle, it will have a lot of shift with the inventory report.
Last week, inventories dropped…
