BALTIMORE ( Stockpickr) -- The biggest day in retail is just a few days away, and that's providing trading opportunities for investors who go looking for them this week.
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Black Friday may be a shopping smorgasbord for consumers who are determined enough shake off their tryptophan-induced comas after Turkey Day, but for retailers, it's an equally big deal. Traditionally, Black Friday got its name as the day retailers move into profitability for the year (into the black). Not surprisingly, a good sales showing on Black Friday can make or break a fourth quarter -- and it provides a reliable barometer for the strength of consumer spending.
But we're not trying to predict sales forecasts for Friday. Instead, we're focusing on the technical side of things with five retail names that look tradable before the big day.
One big takeaway should be there are lots of similar setups out there. That's not hugely surprising -- correlations are high in the retail industry, so birds of a feather tend to flock together. As you're about to see, that bodes well technically for retail as a group.
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For the unfamiliar,
is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.
So, without further ado, let's take a look at
five technical setups
worth trading now.