Complete Friday Game Plan 12/13/13

Markets on the surface looked weak today, but they were really overshadowed by the Dow Jones losses, which we do not even follow but seem to dominate the media headlines. The Nasdaq and S&P 500 still feel heavy to me, and they tried to bounce back from yesterdays losses but could not find the muscle. The late selling put both the Nasdaq and S&P 500 underwater. That action is bearish and you have to wonder about how fatigued the indexes may be after reveling in the type of year they have put in in 2013. The light volume that accompanied the attempt to bounce was further evidence this market needs at least a rest. Retail showed more holes today with the LULU dropping 12% after reporting earnings. Seems like the CEO made a timely exit this week just before the announcement. The exit was as transparent as the sheer yoga pants that had to be recalled earlier this year. The charts technical picture is a little more cloudy, but maybe the round 60 handle it is approaching which held in late June mini benchmark swoon. Not a bad rhyme. Other retail names reporting this week that were a little on the limp side were COST. It pierced its 50 day SMA and the round 120 handle in the largest daily volume of the year Wednesday. It is looking for its second back to back 3% weekly losses heading into Friday, similar to what it did the weeks ending 8/9-8/16. Even the GPS 10% sales gap on 11/8 has been filled and then some, is looking frail again. It is not a good omen going into the holiday season with retailers missing left and right. Dig deep and you can find some winners like M. You have to respect the way it is has held up among the big box department stores. It has been the lone standout among names like TGT KSS SHLD JCP. Respect strength.