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Another Crack in the Wall

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

You may recall that, comically, there was an attempt made early this year by the /wsb crowd to make Bed Bath & Beyond 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.

So we have another fissure in this ridiculous, fake bull market, as retail starts to crumble, as shown by XRT.

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