Whilst the main market closed a little higher, there was very significant downside in Tiffany (TIF), which settled -8.7% at $85.03. Near term outlook is bearish, with next support at the 200dma in the $80s. The March high of $97.29 likely marks a mid term high, and was itself notably below the Nov'2014 high.
First, see: http://investor.tiffany.com/releases.cfm
Earnings were actually better than a year ago, but market expectations have been leaning on the rather bullish side, and today's numbers were simply not met.
Technically, today's big drop is merely part of a downward trend that began in late March, when Tiffany fell short of the giant $100 threshold.
Things will turn very bearish on any monthly close under the key 10MA, which is currently in the $81s... interestingly just above the 200dma.
Unquestionably, high end retail is a better type of retail to be in than the low end - such as SHLD, M, or JCP. Yet.. its important to keep in mind than when the next recession hits.. high end will also greatly suffer.
For now.... there is ZERO sign of a US recession.
Breakfast at Tiffany's, 1961. A distant time, when more women knew how to dress.