Slap! Retail Stocks Spanked





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.

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This entry was posted on Thursday, June 24th, 2010 at 8:20 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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