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How Low Can It Go?

|Includes:HD, Lowe's Companies, Inc. (LOW)

This morning, the leading home improvement retailer Lowes Cos Inc (NYSE:LOW) is coming under some selling pressure. The stock is trading lower by 0.83 cents to $46.72 a share. Day traders can watch for solid intra-day support around the $46.31 level. This is an area which should be supported by the institutional money, therefore day traders can expect a bounce around this level. Home Depot is trading lower as well today. It seems that the home improvement retailers are declining after the new home sales report. The report showed that sales of new single-family homes in the United States fell to their worst level in eight months.

Nicholas Santiago

Stocks: LOW, HD