Retail Sales Miss: Aug 14, 2020

The retail sales rebound stumbled in July, coming in at 1.2% versus 1.8-2.0% expectations and last month’s 8.4% blowout. YoY, July saw an increase of 2.7%. Of course, July included stimulus payments to consumers which, with Congress leaving town for the rest of the month, are looking less and less likely.

And, AMZN, the retail colossus which can do no wrong, has now put in 5 lower highs since reaching our upside target on Jul 13.Futures are off only slightly, reflecting another overnight pump and dump in VIX.