Just Do It:

The footwear space stubbed its toe like most of the discretionary space since late last year, like most everything else excluding energy. The big one REPORTING after the CLOSE tonight is NKE. This name is currently 38% off most recent 52-week highs and Monday finished down a bit more than 2% in anticipation. Three of the last 4 reactions were higher including a 15.6% advance on 1/23/21. Like a lot of consumer names on its WEEKLY chart, it is hovering just above a bull flag breakout from mid-2020. On a miss, it could go and retest that par pivot about 10% from here. Peers in the footwear arena that have been under pressure include CROX and BIRD. The former is lower 24 of the last 32 weeks, and BIRD is now almost 90% from its IPO highs just above 30 from last November. DECK looks like it may be rounding out a bottom and would not be surprised to see this move back toward the very round 300 number where it touched in late April. Microcap WEYS totally ignored the overall market malaise until the last 2 sessions when it fell by a combined 19%.

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