Top Takes From RealMoney

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1. Best Buy (BBY) Earnings Need to Deliver
By Alan Farley
9:17 a.m. EDT

Best Buy (BBY Quote) reports earnings before the bell on Tuesday. The electronics giant was a top first-quarter performer, leading the retail sector higher after the March low. The uptrend stalled out following the March 26 earnings release, with the stock making absolutely no progress in the last three months.

It's been hovering the 200-day moving average through this period, pointing to major indecision after the strong recovery bounce. Tomorrow's earnings are complicated by Best Buy's refusal to provide monthly same store sales data, so analyst estimates on the quarterly results could be highly inaccurate.

Given all the uncertainty, I can't see any justification, technically or otherwise, for traders to hold positions in either direction into the earnings report. It will be easier after the release, because a rally over $42 would support a continued uptrend to $48 while a breakdown under $34.50 could trigger a selloff to $30.

Annotated chart here.

No positions.