Chart Of The Day: Saks (SKS)

Saks (SKS) got smacked hard in the 2008 sell-off…from the low $20s down to as low as$1.50.  Since then the stock has managed to pick itself back up in a big way and traded nicely technically.  Several nice bullish wedges and flags have successfully played out over the past three years.  

Thus far in 2011 the stock has done nothing and is forming a narrowing trading range.  With earnings up on deck May 18th we think this is one chart worth watching.  Not to forget is that the retailers as a group have had an insane run the past two years and the RTH etf keeps making new all-time highs.

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