Bed Bath Looks Spiffy on the Long Side
By the time everyone is talking about what rotation is in progress, it's too late. The rotation may continue, but the process will be a bit more volatile, so at this point expect plenty of shaking of the tree leaves. I don't buy this as a lasting rotation, even on the Japanese yen. While I do think the yen will ultimately head lower, at the moment it's severely oversold, and approaching levels that have provided bounces in the past. Fellow Real Money contributor Helene Meisler has been bringing this to the forefront, so I have been chatting with her on it. I'm looking for a possible snapback trade here.
Meanwhile, Bed Bath & Beyond (BBBY) is due to release earnings Wednesday after the bell. The last two reports have been tough on the stock, having sent shares down almost 20% over the last six months, but I am taking a long bias into the name Wednesday. Upside potential looks to be around $64, but above that level is a gap all the way to $68 -- which, on a good report, could very well be filled before the end of the year. The housing sector has been performing better of late, and at some point that will trickle down to this company. If you own a house, you want it to look nice. That means decorating. That means accessories. That means Bed Bath & Beyond....225 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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