Best Buy Co., Inc. (NYSE:BBY) has a classic daily bear flag. This signals a short in this area. Downside target is $36.25 and $30.00.
Chief Market Strategist
This morning, many of the leading retail stocks are declining lower to start the session. Weak retail sales reports are certainly hurting the sector. There is also a lot of chatter that the minimum wage will increase dramatically in 2014, should this happen it will certainly hurt the bottom line. WMT stock is falling lower by $1.25 to $78.97 a share. Swing traders can watch for solid daily chart support around the $76.00 level which is where the 200-day moving average is. The next major support level for WMT stock is going to be around the $72.50 level should the stock decline further.
This morning, the leading oil refinery stocks are trading sharply lower at the start of the day. Over the past few days the price of oil has rebounded and often higher oil prices will hurt the refinery stocks due to contango. Some of the leading oil refinery stocks that are falling today include Phillips 66 (PSX), Tesoro Corporation (TSO), Marathon Petroleum Corporation (MPC), and HollyFrontier Corporation (HFC) just to name a few companies in the industry group. Swing traders should watch for near term daily chart support for HFC stock around the 443.70 level. This is an area where the stock was defended by the institutional money and should hold up when initially retested.