Retail disappointment

A lot of traders were hoping to see decent, or at least not horrible, retail sales numbers this morning. They were disappointed, as the numbers came in well below survey expectations.

Looking at intraday returns following other disappointing retail sales numbers since the pandemic began, it hasn't had much of a discernable impact on SPY, with 4 gains and 2 losses over the 6 hours after the release of the data.

Oddly, the XRT retail ETF has done even better, rallying over the next 6 hours every time but once.