New Kicks:
The footwear space is a bright spot inside the discretionary space. Of course, there will be some names that stink up the joint like BIRD, which traded above 30 in late 2021 after coming public and now has a one-handle, not a typo. Even ADDYY has come back from the dead as it bull flags at the very round 90 number. NKE now sports a 127.59 cup with handle pivot as it trades in a very taut fashion amid a market that seems to be getting whipped around. Did anyone tell DECK that there is a hard landing and recession right around the corner? It wants to sniff out the very round 500 number. SKX is still right at the very round 50 number which is also a WEEKLY bullish inverse head and shoulders pivot, and I was bearish on the name in this area, but the longer it refuses to recede from this level the less gloomy one should be. Below is the WEEKLY chart of CROX and to demonstrate how consistent this name has been it has not registered a 3-week losing streak since Q2 ’22. I think it could see highs made in late 2021 in the second half of 2023.