King Of Discretionary:
The incessant chatter about how Amazon is dominating the consumer landscape seems deafening at times. Sure it has hurt many names in the group, but many more have adapted and thrived. Some stocks include a name like OLLI, which slumped after its CEO’s unfortunate, untimely passing, but has risen from 30-70. CHGG has well more than doubled as online education has suddenly come into vogue. CVNA has roared higher as millennials alter the way they shop for automobiles. Even perennial laggard CWH, with CEO of The Profit fame on CNBC, has screamed higher off the March bottom. STMP broke above a good looking cup with handle of 169.10, and I could go on, but I think you get the picture. As for the behemoth AMZN it has digested the recent big move up well. That type of consolidation normally resolves itself in the same direction from which it came, here obviously to the upside. The retail supertanker trades just 4% off most recent all time highs, and on its WEEKLY chart has a couple flaws with a bearish engulfing candle the week ending 5/1, but it deserves credit for the way it has behaved overall, and give it as long as it is warranted.