Retail Stocks Are Flexing Early Muscle, Can It Last?
The strongest sector in the market today looks to be in the retail stocks. This morning the popular Retail Holders Trust(NYSE RTH) is trading higher by $1.24 to$110.70 a share. Traders must be careful here as the RTH is looking extended on the daily chart and could be due to pullback, however, there is definitely good intra-day strength at the start of this trading day. The RTH will have strong intra-day resistance around the $111.00 level.
Other leading retail stocks that are trading higher this morning include Costco Wholesale Corp.(NASDAQ:COST), WalMart Stores Inc.(NYSE:WMT), and Target Corp.(NYSE:TGT). Traders must be aware that these daily charts have had very strong moves and are starting to get extended. Therefore, it is possible to see pullbacks in the retail stocks over the next few days