Even though the market was bug-eyed bullish on Friday, roaring to highs never before seen in the history of humanity, retail continues to crumble. Macy’s Inc (NYSE:M), already down about 70% from its peak, fell nearly 8% on Friday alone. The scary thing is that if the analog I’ve pointed out dozens of times actually comes through, it’s just going to keep spiraling toward, well, $0.
Well on its way to such an ignoble feat is JC Penney Company Inc Holding (NYSE:JCP), down nearly 20% on Friday (!) and down about 95% from its own high (what possessed people to pay over $60 per share for this thing back in 2007 is beyond my limited cranial capacity).
I guess what it all adds up to is “Long the New” (Amazon (NASDAQ:AMZN)) and “Short the Old” (everybody else that tries to sell stuff). The very big picture, captured by the retail fund SPDR S&P Retail (NYSE:XRT), continues to hold out the prospect of major support level, indicating the entire retail sector is primed for doom.
