German Tragedy:

The footwear space like everything else has not been immune to the overall market beatdown. With the exception of DECK which has advanced 14 of the last 24 weeks and this week by another 5% so far. While that may not seem impressive the return of more than 70% during the time frame is. BIRD a recent new issue, is now 90% off its peak made almost exactly one year ago. It traded above 30 and recently with a 2 handle, not a typo. Give CROX some credit as it traded roughly between the round 70-80 numbers the last 3 months but it resides more than 60% off its 52-week highs. Below is the chart of German play Adidas. Since topping just below the very round 200 number in August ’21 the downtrend has been relentless. It has gained ground on a WEEKLY basis just 18 times since then and is currently on an 11-week losing streak and off another 1% heading into Wednesday. Volume has surged and a bottom looks nowhere in sight.

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