(Confessions of a Stock Operator)
Start Date: 9/20/2018
Nightmare on 34th Street
Today Macy’s reported earnings and the results were mixed (bad). Lower sales, lowered guidance, stores closing and eight straight quarters of decline, among many other things.
Let’s be clear, there might be a Miracle on 34th street but only when Christmas time rolls around. For Macy’s; I believe it’s a straight up nightmare.
I indicated over a year ago; “Macy’s will either be bought out or file for bankruptcy”. My stance on this has waivered very little. I also feel there’s more pain in store (no pun intended) for the retail 'giant'.
I do realize that opposing viewpoints create the Markets; so there may be some that think a sequel to a “Miracle on 34th Street” is evident.
But I don't take these folks too seriously because they are the ones that believe in "Santa Clause", "The Easter Bunny" and "The Tooth Fairy".
Tina "ShortMeTina" Ley (pronounced Lee) holds a Bachelor of Arts in Forensic Psychology and a Master's of Science in Mental Health Counseling and has been a stock market participant for over a decade. Currently a Full-Time Trader and Blogger of all things financial.