My oft-mentioned idea to short CBL & Associates continues to go well. The analog is just a beauty, and I believe this stock isn’t going to stop crumbling until it challenges the depths set during the delicious, marvelous, sticky-sweet lows of the financial crisis.
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I’ve been talking a lot about retail shorts lately, so I’ll share some more now. First up is American Eagle Outfitters, having collapsed beneath a symmetric triangle and recovered back to its failed underside.
Even though the market was bug-eyed bullish on Friday, roaring to highs never before seen in the history of humanity, retail continues to crumble. Macy’s, already down about 70% from its peak, fell nearly 8% on Friday alone. The scary thing is that if the analog I’ve pointed out dozens of times actually comes through, it’s just going to keep spiraling toward, well, $0.
Retail continues to perform nicely for the one bear left on this entire planet. Chico’s, for instance – – purveyor of threads to women of a certain age – – is the gift that keeps on giving.
One of my oft-mentioned retail shorts is getting zapped this morning, with Chico’s – – purveyor of fashion to women of a certain age – – off about nine percent. I think it’s got LOTS more to go.