The Oxen Report - Alcoa and Initial Jobless Claims To Restart Rally?

Yesterday, we opened two new positions to add to our already open two positions (one of which we closed). We bought ERX after the report that crude oil inventories were down from last week 1 million barrels, signaling an uptick in demand. We got into the ETF at 40.50. We sold at the end of the day for a nice 1.40% gain, getting out at 41.06. Although, we were not able to reach that 2% threshold, we still made some money. The Short Sale of the Day was Helen of Troy Ltd. (HELE). We got into HELE at 22.05, but the stock kept a steady gain throughout the day, almost stopping us out. In my midday message, I commented that it would not hurt to hold this one through at least today to see if it can go down, since we were already so close to being stopped out. HELE, therefore, is still open. PBG is still open, and it has not even hit the 1% gain we are looking for yet, and we have not been stopped out. Finally, we closed out Family Dollar Stores (FDO) for a sweet 10.69% gain over 3 days, which was originally recommended on Friday afternoon for an entry of 26.60. So, we finished yesterday 2/2 with 2 still open positions. 

Let’s keep making money…

Buy Pick of the Day: Direxion Daily Financial Bear 3x ETF (FAZ)

I am concerned about the market’s ability to keep things going. We have some mixed news coming through the door, most of which appears better than worse. Yet, we have a market that has rallied significantly without much of any pullback, and I am not sure we can keep things going. The market looks to open much higher with futures up 75 points as of 8:45 AM.

IN PROGRESS