Leisurely Activities:

Consumer discretionary is a very bifurcated one. The lesiure names which were all the rage as the “reopening” trade phrase was born have been under pressure. Could their weakness be a signal that things will be getting back to normal must faster than we think we will? At the US Open tennis tournament that I was at all the first week it certainly seems so. But former best of breed names like THO PII and WGO are all now trading below their 200 day SMAs, and all three are in bear market mode off between 21-27% from most recent 52 week highs. The recreational products space does have their fair share of winners in YETI and GRMN, but it is being weighed down by the aforementioned triumvirate (one could even throw PTON in the conversation here with the stock now more than 40% off its peak made in January just above 170). I am one to buy on strength, until a bullish reversal candle pattern makes itself known. Could be some time before we see that.

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