The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
The seemingly invincible American consumer is suddenly under strict scrutiny by the market.
Major retail stocks like BBY COST RL TGT TJX WMT have been hit with aggressive selling of late. Turning to the retail sector daily chart ETF, you can see the first 150-day moving average (red line) test in one full year.
Because momentum to the upside carried on for so long, this correction may not be so orderly and predictable. In other words, we could easily see an undershoot on the downside just as we saw bulls run rampant to the upside in 2013.
WIth this in mind, I expect other parts of the market which are sensitive to the consumer to continue to remain under pressure, including…
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