Retailers just finished their worst January in decades. Have we hit bottom, or is there more weakness ahead?
In January retailers should have been able to ride the coat tails of gift card redemptions, says Howard Davidowitz, Chairman Of Davidowitz and Associates on CNBC’s “Closing Bell.” (Typically, a large number of people who receive gift cards for Christmas use them in January.)
And they introduced more promotions than you can shake a stick at – but retailers still couldn’t stimulate demand. I think the worst is yet to come.
I agree, says Jeff Macke. I don’t expect to see good retail numbers for the entire first quarter. However I expect the Fed will do everything they can to stimulate the economy. Because of that, I think it’s too late to short retail.
Sell any strength, counsels Davidowitz.
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