Last week, the important and highly followed retail sector surged sharply higher around the Thanksgiving Day holiday. The Market Vectors Retail ETF (RTH) has advanced higher by move than $2.00 since November 15, 2012 when it traded as low as $42.74 a share. Yesterday, the RTH declined lower by 0.36 cents to $44.42 a share.
Some leading retail stocks that pulled back Monday included Costco Wholesale Corporation (COST), Target Corporation (TGT), Family Dollar Stores Inc (FDO), as well as many others. At this time, the pullback in the retail sector just seems to be some profit taking from last week's run up in the industry group. Traders and investors must now start to look for patterns over the next few days to see it there is much more upside in the sector. Right now, the RTH will have very strong chart resistance around the $45.50 level. This tells us that the upside is somewhat limited in the very near-term.
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Retail Retreats After Last Week's Ramp Up
Published 11/27/2012, 12:08 AM
Updated 07/09/2023, 06:31 AM
Retail Retreats After Last Week's Ramp Up
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