Potential, And Very Formidable One-Two Punch:
It is often stated that a vast majority of a stocks performance, or lack thereof, comes from the group it is within. If that is the case a plethora of names in the consumer space could feel the wind behind their backs for some time. The top two components in the XLY, in AMZN and the newly placed TSLA, could take many names in the group for a nice ride, pun intended. AMZN has temporarily awoken, and is attempting to break above a symmetrical triangle, as it has essentially gone nowhere in the last 6 months as it moves roughly between the round 3000-3500 figures. TSLA however has shown bullish technical traits as it trades in a very taut fashion, and now sports a bull flag formation, with a flag pole that has assembled roughly between the very round 600-900 numbers. The last 9 sessions have digested the big week ending 1/8’s gain of more than 24% (has run from 400 since late November alone), and it could be off to the races for this stock.