Whilst the main equity indexes push moderately upward to sp'2035, there remains notable weakness in retail stocks. Macy's (M), -2.4%, Urban Outfitters (URBN) -9.4%, and JCP -0.7%. The broader trends since the summer peaks remain absolutely dire, even worse than the energy sector.
Just last Thursday lunch time on clown finance TV channel'1 (aka.. CNBC) the chatter was focused on the retail stocks. Despite Macy's posting lousy numbers... a few of the cheerleaders were (not surprisingly) still bullish...
Crawling out of the hole this Monday.. Jim Lebenthal...
Mr L. was touting JCP when it was battling in the high $8s. Today, its lower by almost 20% in the following 3 trading days.
We all make bad calls, but seriously, I'm absolutely bemused why anyone would be bullish the old retail stocks (and lets not forget Sears (SHLD).. which is similarly destroyed.
... and yes.. retail sales as a whole remain broadly weak.. despite gasoline/energy prices remaining close to multi-year lows. How would sales react if Oil ever gets back near $100 ?