many retail stocks like urbn, ges, big, mw are approaching or have made new lows! US consumers are going down...people have really stopped spending down there...not sure how it will affect canada here...
That's why the whole economy depends on the banking sector to start lending again...consumers don't have much to spend...businesses won't have money to operate due to lower demand from consumers...and the whole economy is spiralling down...so the old saying that the market as a whole can't go up without the lead of the financial stocks is really true...banks need to trust each other to lend again..and that trust is still unsure
..but the recent strength in the banking sector is promising as some smart money have already started re-investing in the banks...it feels like there's always someone supporting the banking stocks whenever it goes down (as shown by some huge candle tails in GS, MS, etc.) awesome trading opportunities..if anything starts moving again..these stocks will be the first
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