Retail Sales Slump

Even after record discounting, retailers are beginning to see that sales are going to be considerably below expectations. Sales of luxury items are especially effected falling 35% from a year ago.

My fear is that this is only the beginning. Come January with the credit card bills coming in I can see even more severe cutting back on spending. In today's WSJ there is an article on the effects the economy is having on small businesses. They are the hardest hit as lines of credit are cut back (even cancelled all together) and many of the customers are delinquent on payments.

CLICK HERE to read the story.

Good Luck and Good Currency Trading.