Retail Stocks Hold Steady So Far
This morning, the retail sector is showing some strength. The popular Market Vectors Retail ETF (NYSEARCA:RTH) is trading higher by 0.06 cents to $39.50 a share. Traders can watch for intra-day resistance around the $39.58, and $39.70 levels. The daily chart remains strong and in an uptrend at this time. When the retail stocks hold up and trade higher this is a sign of consumer spending. It is important to note that consumer spending accounts for roughly 70.0 percent of the gross domestic product (GDP) in the United States.
Some leading retail stocks that are rallying higher this morning include Home Depot Inc (NYSE:HD), Lululemon Athletica inc (NASDAQ:LULU), WalMart Stores inc (NYSE:WMT), and Costco Wholesale Corp (NASDAQ:COST). The daily charts in all of these stocks are holding up fine at the moment.