Looking ‘Ominous’ For Beaten-Down Retail Stocks
by MR Magazine Staff
May 20, 2016
A string of dismal earnings and sales numbers has retail stocks struggling. Despite some strong showings from a few companies like Wal-Mart, the retail ETF (XRT) is set to log its fifth-straight week of losses. And according to Instinet trader and technical analyst Frank Cappelleri, the worst could still be ahead for retailers. “Over the last 2½ years, it’s traced out this pretty big and pretty bearish ominous pattern,” he said Thursday on CNBC’s “Trading Nation,” referring to the XRT. “If it goes below that $39 level, the level it was last at in February of this year, we can see much lower points last seen maybe in late 2012.” See more at CNBC.
