The retail sector has fallen 3% this week, but this isn't the start of another rout, analyst says $XRT (via TradingNation)
morning after its weaker-than-expected fiscal third-quarter report.
"We really just haven't seen sufficient weakness ... to really think that retail is starting to turn down that sharply," Newton said. "To put this in perspective, retail really initially turned down last August, almost to the tune of about 28%, but since August of this year, retailing has been up over 15%, so it's almost double what the S&P has done during that time.
As of Wednesday's close, the XRT had climbed nearly 13% from its Aug. 28 low compared with a more than 8% gain for the"Technically, ... we've actually made some pretty good progress in the XRT," Newton said, citing a chart of the ETF. "If anything, this still suggests that this can actually move higher," Newton said. "We haven't seen enough weakness. If we get down under 42.83, that's really the level for me. That's the lows from late October. That would certainly be cause for concern and [I'd] think that we could see weakness, but for now, this longer-term downtrend from last year has turned into an uptrend.
, the latter of which made a 52-week low Wednesday — the last few months have also brought about some under-the-radar winners.
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