NEW YORK ( TheStreet) -- The retail-wholesale sector may be 26% overvalued according to www.ValuEngine.com but maintains an overweight sector rating with 80.9% of the 345 stocks sporting buy ratings. These stocks have been holding up well despite weakening consumer confidence.In addition to covering the discount retailers my Oct. 1 post, Discount Retailers Should Hold Up in a Risky Market I also set the stage for the conditions that would lead to a new set of highs for the five key equity averages. The Nasdaq ended the first week of October above my semiannual pivot at 3759, which was my scenario to look for a new set of market highs.
Discount Retailers Holding Up Despite Weak Consumer Confidence
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts