It is hard to see how consumers continue to spend in a sluggish economy, in a debt-ridden nation, but retail stocks have yet to acquiesce to the bears. As you can see on the updated sector ETF chart below, a surge in buy volume has accompanied this latest multi-month breakout attempt. It seems like retail has become as hated as any sector right now.
A weekly close above $64, and especially $66, would put retail shorts in a tough spot going forward.
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