Retail Stocks Slip With Indexes
This morning, many of the leading retail stocks are declining lower to start the session. The important Merrill Lynch Retail HOLDRS ETF (NYSEARCA:RTH) is declining lower by 0.20 cents to $41.28 a share. This ETF will have intra-day support around the $41.25, and $40.93 levels. The daily chart for the RTH is still trading above the 50 moving average and this tells us that the ETF still has some strength.
Some leading retail stocks that are coming under selling pressure include Costco Wholesale Corporation (NASDAQ:COST), Target Corporation (NYSE:TGT), and Dollar General Corp. (NYSE:DG). All of these stocks are still holding up on the daily charts, however, this week the leading retail stocks have seen some profit taking.