Takeaway: We are adding Kroger (KR) to the long side today.

Below is a brief note from CEO Keith McCullough on why we're adding Kroger (KR) to the long side of Investing Ideas today:

“In raging bull markets, look for immediate-term #oversold signals in your Best Ideas. One of the Hedgeye Consumer Staples Research Team's best new ideas on the long side is Kroger (KR). They used to have it as a Best Ideas Short!

Howard Penney's decision to go long KR combines the fundamental turnaround, MPP actions by the company, and a macro overlay utilizing our Macro team’s proprietary GIP (Growth, Inflation & Policy) model.

With the KR -3.3% today on an Old Wall call, we say you buy the damn dip.