#Premarket Prep Recap - High-End Retailers Outperform Low-End Retailers

Joel Elconin and Dennis Dick covered the recent collapse in low-end retail and the struggle facing the industry. Tangent to low-end retail collapse is the boost coming into high-end retailers on the heals of an appreciating housing market.

Best Buy BBY Iceberg orders last night after the close we're caught by Dennis and the trader he saw was selling out of his position. This morning the electronics retailer is trading lower on earnings of 33 cents and revenues of $9.04b.  Support for Best-Buy is below $24, around $23.76 and resistance appears to be around $26.20.  TO have rally chance, $24.71 will need to hold.

Sears SHLD lost more than expected in earnings and took a huge hit on SSS of -2.2%. $35 level has been the mark to watch as someone, according to Dennis, is sitting at that level this morning executing small lots tas part of an iceberg order.  The stock is heavily shorted and a race to cover this morning may create a short-term pop.

William-Sonoma WSM is popping, keeping with the pop we've seen in high-end retailers. William-Sonoma is closing in on its all-time high of $68.05 and will be the level to watch for today.

Listen to the show here and feel free to scan our archives.