The holiday season wasn't merry for Macy's (M) and Kohl's (KSS) , which both reported a 2.1% year-over-year decline in same-store sales in November and December. "The disappointing sales that we saw is a function of the consumer looking for price as well as convenience, both of which department stores don't seem to be delivering," said Christina Boni, a sr. analyst at Moody's. According to Boni, Macy's and Kohl's faced competition from retailers like TJX Companies (TJX) and Burlington Stores (BURL) , along with online behemoth Amazon (AMZN) .
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.