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After a violent rally in retail, can the consumer dethrone Tech?
Five of the 10 best performing members of the S&P 500 this week are retailers or apparel names:
ETFs tracking the space, like SPDR Consumer Discretionary (XLY) and S&P Retail (XRT), are also the top performing funds this week. They’re pushing all-time highs and even challenging the SPDR Technology ETF (XLK) on a year-to-date basis:
RadarScreen® showing key ETF performance this year.
It’s interesting that none of the big movers reported earnings in the last week. Instead, bullish notes from the likes of JPMorgan and Evercore ISI seems to have triggered the stampede. The analysts pretty much called a turn and said the industry is ready to rebound after several years of store closures and digital competition. Is the Amazon.com (AMZN) effect finally over?
Bottom line: This isn’t a trade recommendation and everyone needs to do their own homework, but you should realize it’s been a huge week for retail.
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