Retail Stocks Feel The Heat
The leading retail sector has been surprisingly strong despite the high price of gasoline in the United States. The Market Vectors Retail ETF (NYSEARCA:RTH) is finally declining this morning. The important and highly followed RTH is trading lower by 0.34 cents to $41.74 a share. Short term traders should watch for intra-day support around the $41.40, and $40.75 levels. The daily chart of the RTH remains in an uptrend as price is still trading above the 50, and 200 moving averages.
Some leading retail stocks that are coming under early selling pressure include Best Buy Inc (NYSE:BBY), Big Lots Inc (NYSE:BIG), TJX Cos Inc (NYSE:TJX), and Target Corp (NYSE:TGT). Most retail stocks remain strong, however, there are a few leading stocks in the sector which are beginning to break down. Overall, the RTH is still technically strong on the charts.