here’s another one of the retail sector stocks that looks to be a decent short entry here as it re-tests this trendline that dates back to the beginning of the bull market in march ’09. as so far today, the bulk of the gains in the retail sector due to the “spectacular” retail sales numbers have already been faded, i am adding TSCO as an active short at current levels (90.48). here’s the 2-day chart that i made last night but nothing much has changed since then as the stock is only down slightly today.
oh yeah, regarding those “spectacular” retail sales number, zero-hedge uncovered the truth behind the big pop here: Mystery Of July Retail Sales “Beat” Solved: “It Is All In The Seasonal Adjustment”.