URBN: Reversing Its Downtrend?

My Stock of the Day is Urban Outfitters (URBN). Yesterday I posted that I thought the stock was washed out, and that even if the negative news simply dried up, the stock would likely rally.

I guess that was an understatement. The company reported earnings today that were in-line, and did not offer specific guidance for earnings and revenues. Nonetheless, the stock is spiking more than +14% on a huge increase in volume.

It still needs to get over its 50-day moving average, but it looks like this might be a start at the stock finally reversing its downtrend.

Retail stocks overall are also doing better, after earnings reports from TGT and JCP as well.

long URBN