LOW - Lowes Companies $73.57 (+4.27)

Sunday's Comment:

Lowes closed the week out with a bullish hammer formation that has us thinking that next week's trading could be kind to our retail play. In addition, the S&P Retail Index (RLX.X) closed up 10 points on Friday to 906.76, keeping the index over support of 900. Turning to LOW's chart, we see that volume during LOW's Friday pullback was very light, with only 800,000 shares changing hands. This tells us that sellers had very little conviction. Add to this is the fact that LOW's MACD just went positive and you have the recipe for another leg higher. However, traders wishing to enter LOW should wait until the stock can break above resistance at $74.00 before committing any capital to this play. For reference, support should come into LOW around $72.50.

Picked on June 7th @ $74.00 Change Since Picked -0.42 Stop Loss @ $68.00

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