Denial Is Not Just a River in Egypt:

The Amazon, the largest holding in the XLY is AMZN which makes up one-quarter of the ETF is flowing higher. If the fund can thrive it will demonstrate how concentration over diversification is a winning investing theme. It is now on a 5 session winning streak and Thursday recorded a rare gap up. TSLA, the second largest holding, looks to be winning the battle at the very round 200 number although its weakness seems to be displaying softness in the alternative/renewable energy space with EVs floundering (RIVN is still more than 50% off its most recent 52-week highs even with an almost double-digit advance Thursday, and of course solar names are melting lower). This market needs breakouts to thrive and perform well POST breakout and many will key in on AMZN in the coming sessions. Perhaps it will settle back toward its 50-day SMA, often an ideal entry the initial time following a breakout in the 133ish area. This name has had such an advantage over retailers in recent years, and with shoplifting affecting many, it may propel its relative strength even more.

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