Volume poor, leaders close of their intraday highs. Looks like a bit of relief from the selling.
This was in the financial media:
“We’ve got a cornucopia of good news. We had upbeat guidance from the largest retailer on the planet, M&A activity is picking up, and economic data that blew away all concerns about deflation,” said XXX at YYY.
Sorry, pal. Nothing new here. And WalMart closed well of its high for the day. Ditto for other big box retailers.
You know who did better? Suppliers to WalMart and the others. The ISE WalMart suppliers index (WMX) was up over 2%. I’d take this as WalMart selling a lot of crap and making no money. Unsustainable.
