Risk “Indifferent”:

Discretionary via the XLY is firmly the second best of the major 11 S&P sectors YTD up 12%. Most likely is not going to catch technology which is the strongest actor as it maintains a ’73 Belmont Secretariat like pace over the field up 25%. The staples are behaving well higher by almost 2% in the middle of the pack. Over the last 2 months however they are keeping stride with their discretionary cousins. The death knell of consumer stocks in the Amazon era, has been greatly exaggerated, as there are a multitude of names higher by more than 50% YTD, including BIG CWH PTON WING FLWS BJ TSCO and PZZA to name a few. Some staple standouts include CLX and BYND, with the latter looking like it was breaking ABOVE a bearish head and shoulders formation until earnings today. The absolute beast in the space in SAM which has more than doubled this year, and nearly broke above a bull flag formation, until recording a bearish shooting star at all time highs. 

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