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Another Crack In The Wall

Published 10/01/2021, 01:26 AM
Updated 07/09/2023, 06:31 AM

You may recall that, comically, there was an attempt made early this year by the /wsb crowd to make Bed Bath & Beyond (NASDAQ:BBBY) the next hot meme stock, in the fashion of AMC (NYSE:AMC) and GameStop (NYSE: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.

BBBY Price Chart

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

XRT Price Chart

Latest comments

Tim clearly doesn't know what's up on the stock market nowadays.
I don't see no down trend only a dip. how can I post articles on this site. maybe I will assist investors with entry and exit levels.
Well said Tom , fair critique.
His name is Tim lol
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