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Rumble in Retail, But No Bear Market Yet

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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".

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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?

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No positions in stocks mentioned.

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