Sand Spring Advisors LLC
Recent Wal-Mart Slide: Finally Indicative of a Tapped-Out Consumer?
April 4, 2002
by, Barclay T. Leib
Chart produced using Advanced GET End-of-Day
I do not follow the news on Wal-Mart carefully enough to tell you what exactly hit the stock on April 1st, but what I can tell you is that this retailor (recently named the largest corporation in America by Fortune) is now starting to act as if the U.S. consumer is finally tapped out.
Basis an hourly chart (not shown) we see a nice impulsive 5-wave Elliott wave decline currently transpiring with a short-term Fibonacci target near 57.15. A small bounce of some sort should transpire after that target is reached, but on an intermediate-term basis, we think this stock looks sick.
Am I missing other news here? Or is this just Mr. Market so eloquently speaking via absolute price action.
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