Wednesday, October 12, 2005

There goes the retailers

The clothing retailers basically got destroyed today. I was looking at a list of them earlier and it was full of red and decent declines. Here's how some of them did:
American Eagle down 5.58%
Tommy Hilfiger down 6.04%
Coach down 5.24%
Aeropostale down 2.57%
Abercrombie down 4.15%
Limited down 2.23%

Definitely not a good day for retailers or for the market in general as the S&P dropped another 0.6% today.
I have been doing some preliminary research at work involving the S&P and moving averages and based on some historical information, I wouldn't be surprised if the S&P continues downward for awhile. I could take a guess at a short-term bottom, but I don't have any figures with me (maybe around 1160-1165 area).

I did read an interesting headline: Comcast and Google in talks over AOL.

Is anyone doing the Mad Money Challenge? I'm basically even and I see the leaders have made about $40,000 in profit. It seems like the way to do these challenges is to go for one or two stocks that are speculative/momentum plays. Ngas seems to be the choice for a lot of these people.

Personal Finances: I've been controlling my expenses and I need to deposit a reimbursement check soon. Besides that, October is going okay so far.