so let's ask ourself where does the retail sector go from here? expectations are so low and with a whiff of positive news we're going up. it's anybodys guess on a day to day or week to week basis but there is no reason to believe we're in a downward trend because "it's due". the trend only ends once by definition and until proven otherwise we're heading higher.
today is low volume and profit taking by some longs. nothing more.
Of course the retail sector is going higher. Unemployment is a lagging indicator out of a recession. More jobs = more consumption is a given economic rule. But don't discount covering of short positions with options or a covering opportunity post dividend.
Certainly neither might eventuate but it only takes a few hours to reap the reward, longer term economic upturn is irrelevant to such a trading event.