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Afternoon Note

Consumer to the Rescue

By Charles Payne, CEO & Principal Analyst
11/16/2021 1:23 PM

The American consumer has come to the rescue- again.

Face it, we love to shop. If we can’t get there in person, we’ll just order on the Internet. The Consumer Discretionary sector is the biggest upside mover.  It is being led by the usual suspects, with a mix of the old guard as well as the new.  Tesla is also coming around despite all the negative press and some stock selling.

The XRT Retail ETF broke out on November 1, and it’s picking up a head of steam. Historically, breakouts have seen gigantic follow-on advances.

Also, as I mentioned this morning, it’s all about growth. After trailing other major equity indices, the NASDAQ has galloped ahead.


 

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