Retail Stocks See Buyers
This morning, the retail sector is rallying sharply higher. The highly followed and traded Retail Holders Trust (NYSE:RTH) is trading higher by $1.28 to $105.87 a share. Since the October 4, 2011 low the RTH has bounced higher by $7.30 a share. This is a very strong bounce in just four days of trading. Traders should watch for near term resistance around the $106.50, and $108.50 levels. This is where traders should watch for pullbacks in the RTH.
Some leading retail stocks that are rallying higher this morning are Wal Mart Stores Inc (NYSE:WMT), TJX Cos Inc (NYSE:TJX), Home Depot Inc (NYSE:HD), and Nordstrom Inc (NYSE:JWN). All of these leading stocks look to have a bit more upside on the daily charts. Traders should continue to follow the RTH closely. When the RTH pullbacks these leading retail stocks should follow.