Thursday is going to be a horror show for retail, Jeff says. The pre-releases have almost all been bad, and April was unquestionably a tough month for retail.
The retailers will inevitably blame a weak Easter and bad weather – and those are always red flags to Jeff. There will be some gains out of the weak numbers (the outliers will look incredible compared to the big names), but nothing in the space is worth it right now, he says.
He recommends staying long one name, and that’s Nordstrom (JWN) as an investment.
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Trader disclosure: On May 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (JWN); Bolling Owns (DIS), Gold, Silver; Bolling Is Short Nasdaq Futures, Bolling Closed Out His Tesoro Put Trade; CNBC Is A Service Of NBC Universal And Dow Jones.