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As Black Friday Approaches, Retailers Rally

Retailers have been hot of late as optimism for the holiday shopping season mounts. Black Friday is fast approaching and retailers are licking their lips at a public that seems to believe a true recovery in underway. The Federal Reserve has artificially inflated asset prices using their quantitative easing, lifting 401k's dramatically in the last few months. This makes the average American believe they are richer and thus more willing to spend this holiday season.  The retailers love it.  Coach, Inc. (NYSE:COH) is trading above levels from 2007, when the real estate boom was at its peak. In addition, Tiffany & Co. (NYSE:TIF) is also trading above levels from 2007. Does it make sense to see retailers trading at new all time highs and higher than levels in 2007? Will this holiday season live up to the hype? 

Gareth Soloway
Chief Market Strategist