BIG should hold support around $54

With the important Jackson Hole meeting set to take place this wednesday, I expect value names like BIG to do well as tapering asset purchases will be the topic of discussion at this meeting. With a P/E of 3x (TTM) and a dividend of 2% BIG looks very attractive here to investors seeking good value. Earnings are expected Friday from BIG, I believe they beat estimates which should cause some positive price action from the stock. Also BIG is trading right on a crucial support level at $55. We should hold this level and trade to $60 in the short term then over the next couple weeks to months work our way to that $70 price target. With consumer savings rates still historically high I believe the consumer will continue to spend which should benefit retail companies like BIG and should show up in earnings this Friday.