Macy's and Nordstrom are Wrong - Consumers ARE Spending Just Fine
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Welcome to the weekend, folks, though I sure wish we could have started the weekend on a slightly more compelling foot. Not that stocks
can't rebound from where they left off on Friday, but they're sure pointed in the wrong direction.
Like we said in Thursday's edition though, there's actually a bit of an upside to any pullback from here. That is, (1) we would burn off our frothy values, and (2) we would set up a great fourth quarter rally... if any weakness persists all the way through summer. Somehow I don't think this volatile market would let stocks fall that far for that long though.
In any case, we've got plenty to talk about market-wise, but I'd like to kick things off today with a look at last month's retail sales data. It was better than expected, calling into question the concerns raised by earnings reports from retailers like Macy's (M), JC Penney (JCP), and Kohl's (KSS) this week.