Retail stocks are turning a new leaf in the new year.
After ending 2018 with their worst quarter since 2008, the group has rallied more than 6 percent since the first trading day of the year. Craig Johnson, chief market technician at Piper Jaffray, believes that the retail move is “a bounce that we can trust” and thinks that the retail-tracking ETF (XRT) could actually return to a key level in the charts.
“We have corrected about 28 percent from peak to trough, we had a nice relief rally, and now we’re reaching a very important inflection point,” he said Monday on CNBC’s “Trading Nation. ”