Boris Schlossberg of BK Asset Management said, “We are finally starting to see the U.S. consumer spend. Generally the reaction of spending goes restaurants, food, cars, and housing. As we see the progression move forward, that would be the validation of a strong consumer and the growth of the U.S. economy.” That's pretty awesome. So BK Asset Management is going to watch the consumption progression to gauge the health of the U.S. economy.
The chart of SPY looks like an pattern has formed. That's crazy that this pattern would form going into the worst 6 months of the year but so far the season for consumer stocks are coming in pretty good and so here we are.