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Two Ways: Home Depot Building Momentum

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Strengthen your portfolio in good times and bad.

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Home Depot Beats the Street

Shares of Home Depot (HD) are trading higher this morning. The world's largest home improvement retailer reported second quarter earnings of $0.64 a share, beating analysts' estimates by 5 cents. Revenues fell 9.1% on a year-over-year basis to $19.07 bln which was slightly less than Wall Street estimates of $19.23 bln.

The company also said comparable store sales were negative 8.5% in the second quarter as a whole, and negative 6.9% for US stores. But looking forward, Home Depot lifted its guidance for the rest of 2009 and now expects earnings per share to be flat to 7% from last year.

Minyan Jeff Saut mentioned Home Depot in yesterday's Another Round of Chop-and-Flop?

From the Bull Pen: Can Home Depot regain its "Hot Dog" status of the late 90's? It may be a stretch but taking a hint from its recent action, it currently suggests accumulation of the stock. Those bullish can set a sell stop below yesterday's low or 2% below entry, depending on your risk profile.

From the Bear Cave: Retail bears can look to Harley Davidson (HOG). Failure near $22.50-$23 on high volume could confirm the beginnings of a downtrend. One can consider playing the downside if and when that happens.

Quick Check Around the World

Asian trading closed with the Nikkei +0.16%, India +1.69%, Hang Seng +0.84%, Shanghai +1.40%, and Taiwan -2.05%.

Across the pond, we see the FTSE -0.87%, CAC +0.54%, DAX +0.59%

As of 7:50 AM EST, S&P Futures are trading +5.50 to 983.50 and Nasdaq futures are +9.50 to 1575.75.

A Look at Commodities

Over in commodities, crude oil is trading +0.71 to 67.46 while gold is +2.50 at 938.30 this morning. Silver is +0.600 to 14.04 and copper +2.350 to 279.40.

The dollar index is -0.1200 to 79.2800.

On the Radar

Economics

08:30 Building Permits 567k (cons)
08:30 Core PPI 0.1% (cons)
08:30 Housing Starts 598k (cons)
08:30 PPI -0.2% (cons)

Click here for the full trading radar.

Good luck today!
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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