Tag Archives: retail sales

Most Overvalued Stock Market In U.S. History – Here’s Why

I find it to be mind-blowing when financial advisors and stock market gurus get in bubblevision or write Seeking Alpha articles and assert that the stock market is good “relative” value right now.   They are either dishonest, unethical or just stupid.  Likely a combination of all three in varying degrees.

Here’s a chart with which everyone is familiar:

Based on that graphic, it looks like the current stock market is only the third most overvalued in history, right? WRONG.

The problem comparing the current p/e ratio of the S&P 500 with that of previous stock bubble tops is that the accounting used to produce the “e” is not comparable. Over time, FASB and the SEC have colluded to make it easier for companies to hide losses and report non-cash income as GAAP cash flow and earnings..

As an example, in 2010 FASB issued a bulletin which changed the way big Wall Street banks were allowed to account for bonds and other forms of debt issued by others that are held as assets. Originally, banks had to market their bond/debt/loan holdings to market and accrue any market to market gains or losses at quarter-end as either income or expense. FASB decided to let banks classify any and all debt as “hold-to-maturity,” and allowed banks to hold this debt at face (maturity) value without ever marking to market. Any debt that was marked below maturity value (par value) could be marked up to par and moved into a “held to maturity” account. By doing this, the banks created non-cash gains in these holdings that was counted as income. Banks hold $100’s of billions in bonds/loans and, starting in 2011, this rule change allowed banks to create billions in phantom, non-cash income. This of course translates into lower p/e ratios.

There’s several areas of accounting over the years that have accomplished a similar feat for all publicly traded companies. The problem is that it has rendered p/e ratios over time incomparable. Of course, NO ONE points out this fact and certainly any Wall Street analyst would be fired if they went on a truth tirade. The bottom line is that, looking at the p/e ratio graph above, we don’t know how the current p/e ratio for the SPX compares with the p/e ratios at the market peaks in 2007 and 2000 and 1929. What we do know is that the current p/e ratio is significantly understated relative to the p/e ratios in 2007 in 2000 because earnings are overstated relative to those years because of the accounting gimmicks that enable companies to boost GAAP non-cash earnings.  It could be that the current p/e ratio is the highest on record if we could make an “apples to apple” comparison of p/e ratios across time.  In fact, I would assert that applying standardized GAAP across time would prove that the current market is more overvalued than at any time in U.S. history.

The above analysis is an excerpt from my latest issue of the Short Seller’s Journal.  In this issue I presented two retail stock ideas for shorting.   One of them was down 3.7% today and the other was down just under 1%.   In the past couple of issues I have explained in detail why the retail sector is short opportunity right now.  But that window will close quickly as more companies do what happened to Macy’s and Kohl’s last week.    You can get more details on the SSJ and subscribe clicking on this link:   Short Seller’s Journal.

Auto Sales: The Fake Economic News Bubble

The headlines are reporting that auto sales in December hit a record, when looked at on a “seasonally adjusted annualized rate” basis.  No one questions the validity of the seasonal adjustments.   The average news consumer sees or hears the headline word-byte/soundbyte and that becomes the truth.   Fake economic news is another form of Establishment propaganda:   seduce the populace into believing what you want them to believe rather than presenting the truth.  It’s Jim Sinclair’s “MOPE:”  Management of Perception Economics.”

Along with the geopolitical and domestic political fake news epidemic is an epidemic in economic fake news.  Collectively it’s a “fake news bubble,”  with one of the highly insidious consequences of this bubble being the messy abortion otherwise known as the “Presidential election.”

Turning to the auto sales fake news, based on the SAAR estimates, automobile sales allegedly hit a selling rate of 18.2 million units in December.  But seasonal adjustments notwithstanding the facts, does the data fit the facts of the related areas of consumer spending?   By this I mean restaurant and retail sales.

Though not reported yet for December, restaurant same store sales declined 1.3% in November from October and dropped 3.3% from November 2015.  It was the ninth consecutive month of negative same-store sales and the worst decline since July.  Perhaps with constrained disposable income, consumers cut out restaurants to buy holiday gifts?

Looking at what we know about retail sales during the holiday period so far, First Data reported that holiday spending is up 2% vs. last year (through Dec 12).  Last year that number was 2.4%.  So there’s a deceleration in retails sales growth spending.   Cowen research reported that foot traffic at malls was down 10% in December through December 17th.  Granted online sales growth of 9% this holiday season is taking some mall spending away, but online spending represents only 8% of total retail sales spending.  I guess maybe consumers cut back on holiday gifts this year to spend $40,000 (average cost of a new GM car according the auto sales report) on a new car?

Finally, I cover two companies that provide subprime auto loans.  Both companies were reporting declining loan application volume in their last financial reports.  Interest rates spiked up 100 basis points during November and December, which means the cost of auto loans spiked up as well.   Even though auto lenders are reporting lowered loan application volumes, we’re to assume that – despite significantly higher interest rates – consumers decided to skip eating out and buying holiday gifts in order to buy a new car during December?

Does any of this make sense?  To make matters less believable and uglier, GM reported that its unsold inventory of cars sitting on dealer lots exploded to 844,942 cars in December, a nearly quarter of a million unit increase over December 2015.  Call me skeptical but I would suggest that a large portion of those cars sitting in dealer lots were counted as sales when the cars left the factory floor.

The likely source of “record” auto sales is in the “seasonal adjustments” that are applied to the data. Moreover, I would suggest that the data itself is suspect.  I would like to see a study that correlates a “sale” with the actual transfer of title to either an auto finance company or to a buyer who paid cash – i.e. tie a “sale” to an actual end-user taking delivery and driving off the lot.  THAT number, based on all of the related supporting evidence as detailed above, is likely a much different (lower) number than what was reported.

It’s A Retail Sales Train Wreck

The Census Bureau reported that its advance estimates of retail sales for November show a .1% gain from October and a 3.8% gain over November 2015. Wall St. was forecasting a .4% gain. Oops. But there’s a bigger problem with that headline report of a .1% increase in retail sales for November:   it’s based on guesstimates by the Census Bureau for the largest retails sales categories.

If you go through the data tables that accompany the headline retails sales report – LINK – you’ll see asterisks in the “not adjusted” data for November in most of the business categories. In a footnote the CB discloses that, “Advance estimates are not available for this kind of business.”  Most people who see the headline news reports, or hear the news “soundbytes” on tv, do not realize that the retail  sales number is an “estimate.”

On an inflation-adjusted basis, the .1% “gain” reported for November is a decline.  Most are not aware of that fact as well.  Also, the .8% gain reported for October was revised down to a .6% gain.  It is highly probable that November’s number will be revised to negative when December’s retail sales report hits in January.  But the revision for November is typically not reported at all.

According to a research piece published by Cowen & Co. on December 14th, mall traffic fell 6.4% in November from October and December month-to-date traffic was down 9.9%. Granted, there’s no question that some portion of that mall traffic has shifted to buying online for its holiday purchases. However, even with the growth in online retail sales, e-commerce accounts for less than 10% of total retail sales (the Census Bureau estimated e-commerce represented 7.7% of total sales in Q3 2016.

I have no doubt that the Government’s Census Bureau is going to put forth its best effort to manipulate the sales data it collects in order to present a positive light on December and holiday sales this year. However, the actual reports coming from the retailers themselves reflects a retail environment in which the stores are fiercely competing for a “shrinking pie” of consumer disposable income.

Restoration Hardware stock did an 18% cliff-dive two weeks ago when it reported its Q3 earnings.   Over the last six trading days, the XRT retail ETF is down 4.2%.  It was down every day last week despite the SPX and Dow hitting new all-time highs.

In the latest Short Seller’s Journal released Sunday evening, I dive into the retail sales numbers in-depth and present a lot more information which should satisfy proof of concept that this year’s holiday retails sales will be a complete disaster.  Note:  I have no doubt the Census Bureau and industry promotion organizations will manipulate the data for the holiday season in order to report positive sales results.  But the reality check will come from the companies themselves, which have a harder time faking the numbers.

I present several retail-related short ideas in the latest SSJ, including options trading suggestions.  On of the ideas is already down 1.3% today.  You can access these ideas plus in-depth data and analysis using this link:  Short Seller’s Journal.   SSJ is a monthly subscription.  New issues are published weekly and there’s no minimum time commitment.

The Consumer Is Broke: “Restaurant Sales Worst Since July”

At -1.3 percent, disappointing restaurant sales growth in November was the ninth consecutive month of negative same-store sales; and the worst sales growth since July…Same-store sales for third and fourth quarters, at the end of November, are both -1.1 percent.Black Box Intelligence

That’s the restaurant industry.  Here’s a retail sales report from Dollar General, which would represent about 40-50% income and spending demographic:

Interestingly, we talk to our consumers each and every quarter through panel data as well as we bring them in and talk to them in general and I can tell you as late as mid third quarter, they were telling us that their sentiment – feeling – is even more dire than it was in previous quarters in early 2016  – Dollar General CEO in response to an analyst question on the quarterly earnings conference call.

Granted, DG’s core customer is low-income. However, as more Americans slide into the “low income” segment, it will affect overall retail sales, especially with regard to disposable income. My point here is that, despite the sense of “hope” signaled by the “Trump rally,” in general the average American is not feeling optimistic about the economy and I believe this will translate into a poor holiday season for both retailers and the overall economy. – Short Seller’s Journal, Dec 4 issue

Retail sales this holiday season are going to be abysmal.  Everyone with whom I’ve chatted who’s been out holiday shopping – I mean everyone – has commented on how eerily quiet the stores are this year.

The Census Bureau and the National Retail Federation will issue phony sales reports that will be contradicted by the actual sales reports from and guidance from retailers.  This report written by NY Post editor, John Crudele, outlines the methodology by which the Census Bureau manipulates the monthly retail sales reports:

Halfway down the page is a listing for Health and Personal Care Stores. It had a 7.6 percent increase in October. But underneath that calculation, there are no data, only an asterisk. That’s explained in the footnote to mean “advance estimates are not available for this kind of business.”

So how did Census determine that there was a 7.6 percent increase in Health and Personal Care Stores when the only category listed doesn’t provide data? “Furniture and home furnishing stores” also had a 3.4 percent sales increase. But, again, Census came up with a calculation despite no data.  – John Crudele on October retail sales report

If you pull up the actual retail sales report issued by the Census Bureau, you’ll see that several categories are “asterisked,” meaning the CB imputed its own estimate for October retails sales for that category.  In other words, about half the reported headline number is made up.

Restoration Hardware’s earnings report yesterday is an example.  The stock is down 18% after missing Wall Street’s earnings estimates – badly – and issuing dismal guidance on holiday sales and its outlook for 2017.

The point here is that the average household real disposable income is declining. As such, the average consumer is choking on debt, Obamacare premium increases, and the spiraling cost of everyday living – especially those households with children.

Despite a stock market that is going parabolic and in the final stages of a blow-off top, several of my stock picks in the weekly Short Seller’s Journal have provided profitable trades since August (some have not, to be fair).   One retailer in particular dropped 20% after I presented it in August and is now back up to the price at which I recommended shorting it.  I will be discussing this stock as a great short idea in this week’s issue.  You can access the SSJ using this link:  Short Seller’s Journal.

Payment terms are monthly and you can cancel at any time.  The SSJ issues are weekly and delve in-depth into economic data and analysis that you will not necessarily find on in the mainstream or alternative media.

Black Friday, Fake News And Gold

Black Friday and “Black Friday” weekend have largely become irrelevant.  Every retailer in the U.S., from auto dealers to furniture stores to online tennis apparel shops have been advertising “Black Friday” sales since November 1st.

We have no doubt that the Census Bureau will concoct phony holiday sales for November (reported December 14) and December (reported in January).   But the truth – the non-Russian influenced truth – is that retail sales spending per capita this holiday on an inflation-adjusted basis is going to be less than in 2015.

Already the National Retail Federation has announced that spending per person over Thanksgiving weekend was $289.19, down 3.4% from $299.60 last year.  Gallup released a survey of shoppers and determined that Americans intend to spend an average of $752 on holiday gifts this year, down from $830 in 2015.   Gallup, looking for a “silver lining” in the survey, stated that this matches the average for the last seven years since 2010.  Of course Gallup fails to note that on an inflation-adjusted basis, the number for 2016 would be significantly below the average.

Turning to the “fake news” witch hunt, Gallup blames the results above on unseasonally warm weather.  This is a perfect example of propagandized fake news.   The average household is spending less money this year because the real median household income is lower now than in 2007.  Consumers faced higher gasoline prices in October and November which cut into disposable spending budgets, as well as facing the prospect of huge increases in their health insurance premiums.

The establishment has implemented a full-court press in the hunt for “fake news” purveyors.  This is the clearest sign that the alternative media bloggers have touched the raw nerve of truth and the elitists do not like it.   The latest attempt is from Jeff Bezos’ Washington Post, which featured an organization called PropOrNot, which purports to use “manual and automated” analysis to determine that several hundred Alternative Media websites were “Russian propaganda outlets.”

If the Washington Post is reporting it, it must be authentic, right?  The truth is that this is nothing more than the rebirth of Joseph McCarthy’s 1950’s communist witch hunt – the Red Scare.   “McCarthyism” is defined as, “the practice of making accusations of subversion or treason without proper regard for evidence.”   It also means “the practice of making unfair allegations or using unfair investigative techniques, especially in order to restrict dissent or political criticism.

In truth, the U.S. Government is the biggest purveyor of fake news in an effort to control the flow of information made available to the masses and to coerce their perception of reality.  It’s yet another form and implementation of insidious propaganda in a manner quite similar to the use of propaganda by the Nazi Party.

Finally, there are many indications that the systematic and methodical take-down of the precious metals sector since mid-August has reached its limits.  Today, for example, the mining stocks experienced big rally on huge volume.  The volume in many stocks was triple the 10 and 90-day average volumes.

In today’s episode of the Shadow of Truth, we dissect some of the important events as they unfolded over the long Thanksgiving weekend and explain why we think gold has bottomed:

The Big Retail Sales Lie

There’s a direct correlation between the scale and quantity of lies coming from Hillary Clinton and the Government. Why? It’s election season, of course. It’s easy enough to dismiss Hillary’s plea for debate viewers to go to her campaign website to see “fact” checking.  We know how easy it is for her to hide the truth when she has assistance from the State Department, FBI and Obama.  If you believe Hillary Clinton, you also believe in the Easter Bunny.

But it’s also easy to fact check the Census Bureau’s retail sales reports.   Now, it’s easy enough to believe that the Government would manipulate the statistics in order to help the incumbent party maintain control the White House.  But it’s also easy to fact-check the Census Bureau’s tabulations for monthly retail sales, notwithstanding the fact that the Census Bureau is caught producing fraudulent statistics on a regular basis.

Today, for instance, they released their “advance estimate” for retail sales for September. The Census Bureau would have us believe that retail sales increased .6% from August to September.  But this was based on the Government’s politically expedient “seasonally adjusted” calculation.

Simple math disproves the validity of the “adjustments.”  The report shows “not adjusted” total retail sales as estimated by the Census.  August was $471.3 billion – or $15.2 billion per day.  September was $445.4 billion – or $14.8 billion per day – down 2.6% from August to September on a per day basis .   In retail sales terms, a 2.6% decline month to month is equivalent to a steep plunge.  (click image to enlarge)

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Theoretically, the seasonal “adjustment” offsets the day-count difference between August and September. But what about the 3-day Labor Day holiday weekend?   This year Labor Day fell on September 5.  Presumably that weekend should have compensated for any “seasonal”differences between August (back to school?) and September.  BUT on a sales/day basis, September retail sales plunged from August.

Here’s a definitive “fact check” on the Census Bureau retail sales report.  The retail sales report is showing a 1% increase per the “adjusted” number from August to September. However,  Black Box Intelligence, the best source for both private and public company restaurant industry data, is reporting that restaurant traffic fell 3.5% in September from August.  In fact, traffic counts have dropped at least 3%  in four of the last six months. Same-store-sales dropped .5%.

This private sector source of data is consistent with data that I have been presenting in the Short Seller’s Journal for trucking and freight shipments for August and September and for actual auto sales numbers, which are declining at an increasing rate, along with the rise in auto loan delinquencies.   In fact, according to Fitch the default rate in subprime auto loans is now running at 9% and is expected to be at 10% by year-end.  Fitch is usually conservative in its estimates.  I would bet the real default rate will be well over 10% by the end of 2016.

One final significant datapoint released last week was auto sales for September. The “headline” report showed a 6% SAAR (Seasonally Adjusted Annualized Rate) gain in September over August for domestically produced autos. However, auto sales typically increase from August to September as Labor Day sales drive September car sales. Year over year, domestic car sales plunged 19% and truck sales were down 1%.

Now for the reality-check. As reported by the Wall Street Journal, September sales for GM, Ford and Chrysler declined 0.6%, 8.1% and 0.9% respectively. Toyota and Nissan reported gains while Honda’s sale dropped. Moreover, it took heavy discounting to drive sales. In fact, incentive-spending by OEM’s on a per-unit average basis set a single-month record, topping the previous single-month record set in December 2008. Think about that for moment.  – from the October 9 issue of the Short Seller’s Journal

The bottom line is that most, if not all, data coming from private-sector sources conflicts and undermines the “seasonally adjusted” garbage data reported by the Government. Just like all other news reported by the media that is sourced from the Government, the Government economic reports are yet another insidious form of propaganda tailored for political expedience.  But propaganda does not create real economic activity and the middle class is becoming increasingly aware that it’s being told nothing but lies from the Government.  Today’s Government generated retail sales report for September is a prime example.

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Someone Dumped 70 Tons Of Paper Gold At 8:30 a.m.

At 8:30 a.m. this morning, 10 minutes after the Comex gold pit opens, over 70 tons of gold was dropped into the entire Comex trading system.  If this happened on the NYSE, one of the ECN’s (usually BATS) would have mysteriously “broke” and trading would have been halted – before the damaging effects of the systemic paper overload hit the market.

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From 8:30 to 9:30 a.m. EST, a total of 6,289,900 ozs of paper gold, or 196.5 tons was unloaded on the Comex.   To put this in perspective, the Comex is reporting 2.37 million ounces of gold in its registered account (the gold that can be delivered).  That amount of paper gold that would unloaded was 2.7x the amount of gold available to be delivered.   It represents 58% of the entire amount of gold reported to be in Comex vaults.

It’s hard to find any specific news trigger that would have motivated anyone to sell one ounce of gold, let alone nearly 3x the amount of physical gold available to be delivered.

Perhaps the worst economic news reported was retail sales, which dropped .3% in August vs. the expectation of no change.  This is the 4th month in a row retail sales have dropped on monthly sequential basis.  Retail sales have declined 6 out of 8 months this year.

There’s probably nothing to see in that chart above – just like the allegations of Hillary’s poor health…

 

The Economy: It’s Worse Than I Thought

I got an email from a colleague today that said, among other things:  “The economy is tanking and, while you may be the most pessimistic around, you may not be pessimistic enough.”

To that I would say that I’m significantly more bearish than is reflected in my public analysis.  I spoke to a couple people today who offered anecdotal stories about their particular business niches – businesses in which new orders are somewhat tied to discretionary spending – and they both said that new business activity is unusually slow and that the last time they experienced new order flow this slow this was in 2008.

I’ve been suggesting for most of this year that retail sales were slowing and would fall off a cliff heading into fall.  I presented RL as a short idea in my Short Seller’s Journal on August 14th at $108 after visiting the Ralph Lauren store in Aspen.  I was the only person in the entire store and I was being hounded by the salesperson to the point of being uncomfortable.  RL is at $100.80 as I write this, which is a 7.2% ROR in 4 weeks for anyone who shorted the stock.  Based on the point of last trade and where I recommended them, the January 2017 $85-strike puts are up 35% – so far.  But the bigger gains will be made holding RL short when it drops to $40, where it was in early 2009 before the Fed’s money printing stimulated credit-induced retail spending.

My outlook on retail is supported by the BAC credit card spending report posted in Zerohedge today.  Based on BAC “aggregate card data,” retail sales ex-autos declined .1% in August from July and .3% in July from June.  The 3-month average (Jun-Aug) is down .2%. These numbers are “seasonally adjusted,” which means the actuals are probably worse.   BAC’s data for department store sales show that they’re down 4.6% year over year in August.  Autopart sales are in a downtrend and beginning to comp negatively.  Auto parts sales are highly correlated with  vehicle unit sales, which are entering a downturn based on July and August numbers, especially if you strip out Chrysler’s fraudulent sales numbers LINK.

The week retail sales reflect the deteriorating income and financial status of the average American household.  And so do restaurant sales.  Restaurant industry sales tracked by Black Box Intelligence show a .6% decline in August in same store sales were down .6% but same store traffic was down 2.7%. This was the third consecutive month same-store sales declined, with monthly sequential declines in 6 out of 8 months this year.

It’s expected that Q3 corporate earnings will once again decline from Q2.  This will be six quarters in a row that earnings drop.  But it’s even worse than that because the changes to accounting standards (GAAP) have enabled companies to manipulate their earnings reports to the upside.  Despite those accounting gimmicks, earnings continue to drop.

The stimulative effects of the Fed’s money printing program have faded.  The subprime debt default crisis that plagued the housing market in 2008 has been replaced by a general reflation of subprime credit issuance that includes housing, autos, student loans and personal loans.  Synchrony, formerly GE Capital Retail Bank, is advertising a  high yield savings account that pays 1.1% interest, or 8x the national average.  That’s because Synchrony is using depositor money to fund a plethora of high interest rate consumer lending platforms which primarily appeal to subprime borrowers.   I would strongly advise avoiding this savings account because, even with alleged FDIC coverage, you might not see your money when Synchrony impales itself on the toxic loans it makes.  Look for Synchrony to blow up sometime in the next 24 months.  Same with Capitol One,  Ally Financial and Credit Acceptance Corporation, among others.

The Fed will not  only not raise rates this year – or anytime in the foreseeable future for that matter – but watch for signs that another big dose of “QE” is being tee’d up.  Otherwise our financial system and economy is headed into that same abyss into which it stared in 2008.

Retail Sales: It’s Going To Be A Slaughter

The Goldman Sachs ICSC chain store sales plunged 6.3% for the week ending December 5 (measured through Saturday each week).  The index measures same-store sales for retail chains.   A small decline is expected, as this is the week that follows Black Friday week. But I pulled up the data from last year and the same metric declined only 1.8%.  And, in 2013 chain store comp sales actually rose 1.5% for the week following Black Friday week.

The economy is collapsing.  This is evident from the ongoing crash in commodities, especially the price of oil and natural gas.  The consumer is tapped out.   There’s a law of economics called the Law of Diminishing Returns.   It says that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.

Traditionally this law would apply to production and manufacturing.  But in an economy based on the digital printing press, this law applies to money printing and credit creation. At a certain point, the ability of money printing and credit creation reaches a limit at which it can no longer stimulate consumption.  Consumption of homes, cars and discretionary purchases.

Retail sales this holiday season will reflect this law as it applies to retail spending.   We’ve already seen credit card data from Bank of America that indicates a 10% drop in spending for the November holiday season for through the first three weeks.  Goldman’s chain store sales indicator reinforces this stunning fall-off in holiday spending.

Do not get fooled into thinking that online sales will make up for the big decline in brick and mortar store sales.  Online sales represent just 6% of total retail sales. Even if online sales tick up to 7 or 8% of total sales, the increase of a few $100 million million will barely dent the decline in total sales, which will be in the billions.

One more point, November retail sales are due out this Friday at 8:30 a.m. EST.  The data is compiled and constructed by the Census Bureau.  There is no doubt in my mind that they will do their best to manipulate the data into showing an unexpected gain.  Consider the source when you see the report.

Next up we will see the application of the Law of Diminishing Returns as it applies to auto and home sales.  The Government is already trying to defer the onset of this law in housing as it is now rolling negative down payment, low interest rate mortgages for people with low credit scores.  The “negative down payment” is derived from the fact that the homebuyer can borrow money from others to fund the 3% down payment OR take a loan from the community.   Sheer insanity.

It’s Official: Black Friday Sales Plunge 10% From Last Year

Total sales in the US on Black Friday fell 10% to $10.4bn this year, down from $11.6bn in 2014, according to research firm ShopperTrak.  – The Guardian

Store-based sales dropped $1.2 billion, while online sales increased $150 million.   The media is going to highlight the increase in online sales.  But remember, online sales represent only 6% of total retail sales.  The plunge in brick-and-mortar sales was nearly 10x greater in total dollars than was the increase in cyber sales.

The bottom line is that consumer is dead on arrival.  Stagnating nominal wage growth, decline real (inflation-adjusted) median household income and skyrocketing non-discretionary expenses are eating the middle class alive.  Throw in the huge increase in Obamacare premiums and it’s like throwing gasoline into a bonfire.

The retailer stocks are going to get crushed, regardless of what happens with the five stocks used by the Fed and the banks to keep the overall S&P 500/Dow indices propped up (Facebook, Amazon, Netflix, Alphabet (Google) and Disney).

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Click on the image or here – Short Seller’s Journal for two great ideas to short the retail stock sector