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The big economic data point for this morning was Retail Sales, and, for the 4th month in a row, American consumers have beaten forecasts, gobbling up stuff they don’t need with money they don’t have. (As a side note, I learned that about 50% of credit card balances are NOT paid each month, meaning these poor bastards are shelling out 20%+ interest to the likes of Jamie Dimon).
Also from the “I lost track of how bad this was getting mauled” department, there is Cracker Barrel (CBRL). My long-term bearish view of this one would have worked out great, but I’m afraid I never found the patience. What a train-wreck!
Remember the retail chain known as Big Lots! (symbol BIG)? I had lost track just how severe their drop has been. They are down something like 93% from a couple of years ago, and their share price is now equal to what it was in early 1991. Early 1991! A third of a century of progress, laid waste.
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My recognition of the sinewave pattern on the retail fund XRT has produced splendid results.
