April 24th, 2023
Over the weekend, the well known retailer Bed Bath and Beyond BBBY has filed for Chapter 11 Bankruptcy after a multi year struggle to stay alive. The stock which had been one of the stocks that had been heavily touted in stock market chat rooms over the past years, will end its days worthless to current shareholders. Bondholders may not fare much better.
That brings up the question for me, can another stock long rumored to be at death’s door, but has managed to survive so far, be the next retail shoe to drop? I am talking about Macy’s with the ticker symbol M ($17).
Although, this is not investment advice, one should notice that the 50 day moving average looks to be breaking below the 200 day moving average, which is usually called a very negative sign, and the pattern has the name, “death cross.” If you are a current holder of that stock or any other stocks in that retail sector, you might want to have a serious talk with your professional market advisors.
I continue to see storm warnings for that sector.
Stay tuned and stay cautious.