Institutional buying is visible in the shares of Shoe Carnival over the past 12 months through three positive spikes that combine to form a Stair-Step pattern. Underpinning the recent buying, the company beat earnings estimates for the fourth consecutive quarter in Q2 on stronger than expected comparable store sales of 6.7%. Shoe Carnival is yet another retailer that appears to be rising from the ashes of the “Amazon Effect” as it streamlines operations and improves customer offerings.