Storied retailer Macy’s (M), which has been public for decades, is apparently going to get taken over at a steep premium. This chips away at the remaining inventory of stocks that even exist. Indeed, the number of public companies out there is about one-third what it was when I started trading. Being public has simply become not-that-great in recent years. 
The bump in price aligns nicely with the cycle going on with retail, by way of XRT, which continues to push toward what looks like an apex very late this month or in the first few days of 2024. 
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