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Ryan Detrick, senior technical strategist at Schaeffer’s Investment, on investing and why he is bullish on consumer stocks in today’s markets.
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-- stocks -- star not the holiday shortened trading week on a positive note despite weaker than expected consumer confidence data.
Our next guest -- says though the economy -- -- better footing then we're giving credit for.
Joining us now -- -- shapers investment research senior technical strategist in from Cincinnati -- time and I'm glad to hear.
I can't consumer -- on the consumer I mean -- sought to Denise taken and died and that that was the stock that we thought could make it there anything.
We're right -- into the obviously this morning the consumer news was a little bit on the downside just last Friday -- Michigan consumer confidence came out -- for your highs but the bottom line for us achievers as the price action on these consumer name just look at the XRT that's a largely -- TF.
It's done rather well.
And what do we heard from those two years now betting against the consumer the consumers down -- -- to too many issues jobs are coming back but the price action does well cheaper electricity is upward price action on some negativity some skepticism.
We've seen a lot of short interest coming in of these names -- some skepticism.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Remember we're lowered expectations bets against it that it and increases the odds -- any good news at all he really nice been higher and we like piece of that -- bearish sentiment though is is kind of proliferating -- -- right I mean what what's happening with this market is this.
Well reaffirm another market meltdown.
Well -- think so again when you look at the overall market officer the last two years everyone knows if that's rough summer so we look at this summer -- what's -- right now.
Negative over the top of cinnamon and our opinions various -- the coloration as we see you -- near peaks that we saw back in November and last summer's along with lots of -- skepticism that's good.
From -- and trip -- you have like any good news all.
Aside from being contrarian and knew what gives you hope that you these stocks are actually gonna rally and the earnings were fantastic but.
We can't live on earnings alone we have so many other outside forces.
No you're exactly right and it does come down to Europe here in in the near term we can -- what kind of compared this with 2003 with the Iraq War.
We just needed something to start want to start of the the behind it happens when you anything on your army -- saying if it is negative news just gets some news out of there because the overall expectations are so low.
That could be that catalyst that finally gets these markets going -- with higher.
So it is just back to semi your picture right now we talked about these that we put them up -- like TJX which is marshalls and home goods.
I know a lot of people that love home goods Expedia and that Under Armour your -- and then that were -- out we're gonna actually -- and travel as well -- Exactly are we talk about Under -- and Expedia specifically both those things have a lot of -- -- against him and then you turn the options market lots of bearish puts -- -- on the recently so again really nice price section yes they pulled back as the market's pullback but that negativity to us says -- wanna see you we've been seeing for couple years now on a lot of these names.
Hopefully keeps making the.
Wow a lot of bearishness -- you got this anemic volume coming up this summer exercise you're doing a lot of fingers crossed and of being insane I'm sure Ryan Detrick.
Thank you very thank you -- here -- the cools off for you in Manhattan well hot today but we will.
