Rumble in Retail, But No Bear Market Yet
Retailers are weak across the board today after FedEx turned in an ugly quarter and Circuit City took the upperhand in its ongoing knife fight with Pier1 over who has the official title of the "worst retailer on earth".
From where I'm sitting, the debate regarding emerging markets isn't whether or not they become bubbles in the coming months: it's whether the current bubble can inflate itself further in an easier money environmnent. Which is just defining terms... lotta money can be made trading bubbles ("oh, 90's... I do miss you so").
Retailers are weak across the board today after FedEx (FDX) turned in an ugly quarter and Circuit City (CC) took the upperhand in its ongoing knife fight with Pier1 (PIR) over who has the official title of the "worst retailer on earth". (NB: Sharper Image (SHRP) has been retired as champion). Makes all kinds of sense for the group to be weak after a huge run.
That said, employment means more to me, forecast-wise, than what the NRB says about Christmas sales. Macy's (M) back at $31 or so would be a howling buy, as far I'm concerned.
"Bear Market Rally"? Listen, folks, say what you want about the tape over the next 12 months but we're 2% off all-time highs, are up rather nicely for the year and just got done tacking more than 1,000 points on the DJIA in a month. It may become a bear market but it isn't one yet.
Some great tradin' calls on Goldman Sachs (GS) by both Todd-O and Prof. Adami. A quarter can, in fact, be both outstanding and a great selling/ shorting catalyst. Just because "sell the news" is a cliché doesn't mean it isn't smart. GS is exhibit A.
The question now is, Does GS going all the way back to $190 seem too obvious?
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter