Tuesday, March 24, 2020

Retail is having its worst month ever, and chart analyst warns against buying on weakness

Retail stocks are getting pummeled as the coronavirus outbreak worsens and swaths of the country enter a lockdown.

The XRT retail ETF has fallen 33% in March, its worst month ever. Some of its components have performed even worse — Kohl’s, Macy’s, and Guess have all dropped by more than 60%.

Ari Wald, head of technical analysis at Oppenheimer, said this is an extension of broad underperformance stretching back years, and that it could get worse.. . . more