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Continued Selling - More Bad Retail
Posted On Tuesday, June 16, 2009 at at 11:13 AM by Finance Fanatic
Well, today's continued selling is a strong move for bears, especially after the rather strong day the market endured yesterday. Along with the market movement, there is also some more negative economic data that is looming in headlines today, also bringing down consumer confidence. Most all the shorts are performing quite well today, but it will be how they close out, which will determine the momentum.
PPI data came in this morning significantly worse than expected. In fact, Core PPI came in negative again, which was worse than I was anticipating and shows that, clearly, deflation is still something to be worried about. Even in the midst of trillions being spent by the government to stimulate production, there is still a negative trend on the PPI. In a few weeks, with some other data, we will better know if how near the down spiral is, at which markets could respond very negatively.
Best Buy announced their earnings today, which was very disappointing to investors. As such, most retailers are down today. In fact, for you premium podcast subscribers, BBY was a specific short I mentioned on last week's podcast, as well as shorting the XRT. Both positions have performed quite well. I think this is only the beginning for retailer's struggles, as shrinking consumer income will eventually pay a big toll on most stores.
Watching us close this session out today will be very influential on how I view the market momentum, currently. A strong sell off to close would be a very good indicator for bears and definitely cause for more concern for bullish investors. Happy Trading.
Time for some SCC and TZA!
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