What’s the crashing to the floor you hear? Oh ya that’s retail stocks taking a drubbing today in the market. While the market is down around 1.5%, Target stock closed down 3.68%. Wal-Mart also underperformed the market down nearly 2% and Costco was down nearly 3%. Another day like today on Friday and Target could see a 10% decline this week. There may be a decent technical area for the stock to bounce at $50, but is the market telling us something much bigger? Volume on today’s drop was not light, nearly 50% higher than average daily volume, which is not an encouraging sign. How the week ends will be key, but be wary of a bump back on low volume.
Slap! Retail Stocks Spanked
Tags: costco, market, retail, volume, wal-mart
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