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Long-time Slopers know that Abercrombie & Fitch is one of my favorite stocks to short. I've stayed out of it for the past few months, but after yesterday's huge pop, I decided the opportunity was presenting itself again. I shorted some today, although there's still a little more room between the present price and the gap, tinted in green.
Less than a couple weeks ago I made this post about some choice retail shorts. One of them has worked out especially well, Ross Stores, which is down nearly 8% this morning. As it is approaching a major supporting trendline, I have covered the position.
I have a deep distaste for consumerism, so it's particularly gratifying for me to make money shorting retail stocks. I offer you three favorites:
My fondness for shorting skanky clothier Abercrombie & Fitch is well-broadcast here on Slope. The mouth-pleasure continues.
Data for Store Sales released today shows that consumers reigned in their spending for the week, "driving the year-on-year to only +1.8% for one of the lowest rates of the recovery."
This was is spite of a rise in Personal Income for the month, while the price of goods (and housing) rose. Perhaps buyers are waiting for "back-to-school" sales before they part with any extra cash…or even paying off debt.
So far today, the credit card stocks are down from yesterday's close, as Visa pulls back from yesterday's all-time high…ones to watch for any further weakness developing.
