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Home Depot (HD) NewsBite - HD Lower On Consumer Survey
Home Depot Inc (HD) opened at $29.2. So far today the stock has hit a low of $29.05 and a high of $29.62. HD is now trading at $29.32, down 0.17 (-0.58%). After hitting a one-year high of $42.01 a year ago, the stock declined to a one-year low of $26.78 last month. A survey released yesterday found that American consumers are holding off on holiday purchases, waiting for retailers to offer deeper discounts and last-minute sales. Some shoppers surveyed revealed that they are prepared to buy fewer gifts this holiday season if retailers do not offer deep enough discounts. This has sent retail stocks that do a lot of holiday business, like HD, down this morning, as retailers are questioning if consumer spending will hold up this holiday season. Technical indicators for HD are bearish but improving slightly, while S&P gives the stock a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider a February bear-call credit spread above the $32.50 range. HD has been above $32.50 as recently as October, but has fallen sharply this morning and shown resistance around $30 over the past few weeks. This trade could be risky if the Fed cuts rates by more than expected, but this position could be protected by resistance from HD’s 50-day moving average, which is currently just above $30 and falling. [LHF- Seven Summits Strategic Investments NewsBite] http://www.marketintelligencecenter.com/articles/490778 |
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