You may recall that, comically, there was an attempt made early this year by the /WSB crowd to make Bed Bath & Beyond (BBBY) the next hot meme stock, in the fashion of AMC and GME. Having lost 70% since January, it seems that fanfare has been rendered mute. I’m not sure why these kids thought everyone would be storming those stores for hand towels, perfumed soap, and throw pillows, and today’s collapse – – interestingly – – has hurled the price down to a major Fibonacci retracement level.
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So we have another fissure in this ridiculous, fake bull market, as retail starts to crumble, as shown by XRT.
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