Energetic Earnings Reactions:
Consumer names have been putting up some robust earnings moves. This is from an overall group, in the XLY, that is still just the 10th major S&P sector performer of 11 and just one of two groups in the red on a YTD basis. But whether these moves are the sign of something better to come in the second half or just relief rallies that were not as bad as feared is still yet to be determined. BURL rose 18% on 5/30 although Monday recorded a bearish engulfing candle as it is very extended and completed an evening star pattern. CHWY barked upward by 27% on 5/29 and it is still 45% off most recent 52-week highs so still has plenty to prove. DKS jumped 16% on 5/29 taking out a double bottom pivot of 207.59 in the process and just days prior filled in a gap from the 3/13 session. GPS advanced 29% last Friday, but Monday did record a bearish shooting star as it now establishes a possible range between the round 20-30 numbers. Below is the MONTHLY chart of WRBY and it did scream 18% back on 5/9 and notice how round number theory came into play at the 10 figure last March-April (April was a doji) and again in November-December. Perhaps long shareholders are hoping the chart “sees” brighter days ahead, pun intended. Above 20 in the next couple of months should see another strong leg higher.