Tuesday, February 19, 2013

Where The Money Is,Mr.Executive

A frustrated Walmart executive reportedly asked where the money is,noting that February sales figures are a total disaster.One place the money is,is in people's gas tanks.Nationwide,gasoline prices are edging up to 4.00 a gallon-if they are not already there and beyond.It is the earliest in the year gas prices have been this high.Food prices are also running quite high.
Another important fact is,the payroll tax has been reinstated by Congress,and most people are making significantly less now-at least four figures less per year.Mr.Executive,that's where the money is.People are counting their pennies,and it's hurting Walmart sales.
It isn't just Walmart that's feeling the closed wallets,either.It's casual dining establishments;it's also the higher end Macy's department store,as well as Nordstrom and Kohl's.More and more retail stocks are deteriorating,according to Carter Worth,Chief Market Technician at Oppenheimer Asset Management.Americans are gonna start feeling this wherever they are on the income spectrum.
Gold prices have also been declining lately.This looks to be just beginning.This is a mess.I think we're going down to 1500.00 an ounce.Dan Nathan,co-founder of RiskReversal.com and a CNBC Options Action contributor,adds that the technicals make you want to stay away from gold right now.
Oppenheimer Holdings,Inc.(OPY)

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