Tuesday, November 6, 2007

Retail Is "Just Wrong"

From CNBC:

With retail stocks down 11% year to date, you would think some would be out looking to call a bottom, but bearishness remains very high among retail analysts. Morgan Stanley very typical of that mood this morning, was out with a long note on retailers called "Not Too Hot, Not Too Cold, Just Wrong."

Here's a chart from CBS.Marketwatch of the S&P retail sector:

When sectors break through three year support, you know there's trouble out there.