Retailers: time to take something off the table? The S&P Retail Index hit an historic high yesterday. An historic high.
Yet retailers are weak Tuesday. Gap, in particular down over 7 percent. Huh?
According to traders, one firm, Nomura, has been cautious on Gap due to competition concerns, specifically that Kohls high inventory level will cause them to be very aggressive with promotions.
But there's a bigger problem for retailers.