Morning Call: Same Empty Euro Promises Enough to Push Thin Tape Higher
US stock futures point to a higher open Tuesday as the stealth rally continues. European markets are leading the way higher as hopes grow that the European Central Bank will pull down borrowing costs further in order to contain the region’s debt crisis. Comments from a ECB Executive Council Member suggested the central bank was open to further bond buys. This rhetoric is nothing we haven’t heard before, usually with no follow-up on the promises, but in this thin environment it’s enough to push stocks higher.
Two brick and mortar retailers that have struggled to cope with the rise of Amazon (NASDAQ:AMZN) are reporting earnings this morning: Best Buy (NYSE:BBY) and Barnes and Noble (NYSE:BKS). BBY’s report is already out, and the company can’t seem to turn things around. The company missed estimates as same store sales fell once again (the 8th time in the last 9 quarters), and the stock is down more than 10% this morning. The company’s founder has announced his intentions to take the company private and rebuild the business model around the Best Buy brand.
Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Invest.
*DISCLOSURES: Scott Redler is long GLD, BAC, SLV, LNKD, JPM, DRYS, GE, MGM, LVS. Short SPY. Traded but flat AAPL, POT.