Another Late Day Bounce

Sorry for the lack of posts today, but client meetings had me tied up.

The market looked like it was heading for one ugly close, but the last hour of trading brought out a nice bounce, such that the ending results really don't look that bad.

Breadth was mildly negative, and volume levels rose on the day. That qualifies for a distribution day, although I would rate it a weak one at best.

Market sectos were mixed for the most part. The only real standout on the upside were the semis, which had a nice day. Energy stocks sold off pretty hard, when the inventory data came in higher than expected and led to a nearly $2 plunge in oil prices.

Retails sales started to come in after the close, and will be out in full force before the open. I saw that CTRN was very strong (+21%). I expect KSS to have a good report in the morning, though the stock has been rallying and likely reflects most good news. I am most worried about URBN, which continues to work through its inventory issues and fashion difficulties.

long KSS, URBN