Retail Wrecked

I’ve been bearish on retail for months, as you know, particularly by focusing on XRT. Today we’re finally starting to see that the gluttonous American consumer is finally running out of steam, as witnessed by the plunge of Macy’s (M)………

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……..and Nordstrom (JWN):

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I maintain my substantial put position on XRT (December in-the-money).

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Disclosure: None. 

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