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I’ve been telling anyone who’d listen for weeks now that there’s a ton of momentum coming from the Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY), an ETF that tracks consumer stocks in the S&P 500.
On a one-month basis, it’s up 9.59%!
If you’re one of my eagle-eyed members (and there are many of you!), then you’ve probably already noticed it’s in the No. 2 spot just behind Consumer Staples, which is one of the most defensive sectors on my nifty CSI scan.
And don’t forget to take into account that retail sales makes up two-thirds of the U.S. economy via gross domestic product. So the fact that it rose 0.5% in March bodes well for the overall market and sector itself.
But when choosing which stocks we should and shouldn’t add to our portfolios, it’s crucial to look at the sector we’re trading from the inside out to get a good feel of what’s truly going on.
So it wasn’t until I took an even closer look this past week that I noticed a pattern…
I found one common theme among three different subsectors that is completely uncharacteristic… But also important and something we shouldn’t ignore since Consumer Discretionary is strong.
To my surprise, the first subsector is the reopening play…
Let’s take a look at computer disk drive manufacturer and data storage company Western Digital.
One of Western Digital’s brands is SanDisk, which includes memory cards and readers, USB flash drives, solid-state drives… hardware found in everything from personal computers and smartphones to digital cameras.
The company is preparing to showcase its SanDisk Professional product portfolio at the NAB Show, a tech convention in Las Vegas, Nevada, next week, just days before it reports earnings on April 28.
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A Head and Shoulders pattern is a chart formation that resembles a baseline with three peaks, the outside two are close in height and the middle is highest. The head and shoulders pattern is a specific chart pattern that predicts a bullish-to-bearish trend reversal and is believed to be one of the most reliable trend reversal patterns.
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