Retailers Under Pressure
Nicholas Santiago | Apr 09, 2014 12:56PM ET
Many of today's leading retail stocks have come under early selling pressure. It's important to follow the retail sector as it's usually a decent gauge for U.S. consumer spending. Remember, U.S. consumer spending accounts for roughly 70 percent of the gross domestic product (GDP) in the United States. Today's weak retail stocks are telling us that consumer spending is waning.
Some of the leading retail stocks that are declining today include The TJX Companies Inc. (NYSE:TJX), Wal-Mart Stores Inc. (NYSE:WMT), Sears Holdings Corporation (NASDAQ:SHLD) and Kohl's Corporation (NYSE:KSS).
Short-term day traders should watch for intra-day support on TJX stock around the $58.60 level. WMT stock should have decent intra-day support around the $70 level. Both of these stocks could see intra-day bounces from these levels.
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