Consumers are spending it all.
The clear leaders of today’s action, in terms of chart health, are the retail and consumer discretionary plays. It is curious that energy and materials are also moving up, given that many had viewed the the retail and energy plays as being inversely correlated regarding gas prices and consumer sentiment and liquidity. Nonetheless, it is hard to argue that the consumer is too levered or debt-ridden to get out and spend like there is no tomorrow, when we see the resilience of these firms. Indeed, in modern society can often be difficult to differentiate between posh shopping malls today and high end Las Vegas casinos, which is all the more reason why retail and consumer discretionary are one in the same.
Note the daily charts of XLY (consumer discretionary ETF) and XRT (retail ETF), both breaking out from consolidation today.Twitter
Pic making me horny for some college football/ nfl
Soon enough, my friend.