Josh Brown

They look at the consumer discretionary sector of the S&P, and then they look at the consumer staples sector of the S&P, and they tell a story about the economy.

And it's nonsense.

It's a great intuition.

Like, oh, if we look at maple syrup and canned fruit, that's like the stuff people have to buy.

And we compare that to the things that people might want to buy, like leather jackets and pickup trucks.

And we can sort of see like the priorities of the consumer, or we could see,

how the institutional investors are betting.

Are they buying the staples because they're worried or are they buying the discretionary because they're bullish on the economy?

Throw it out.

It's garbage.

It's always been garbage, but never more so than it is right now.

Here's what I want to show you.

This is the consumer discretionary ETF.

Just the price, okay?

It is at or close to highs, okay?

That's fine.

Let's not use this as a story to say that the consumer spending appetite is this or it's that or it's the other thing.

Because when you actually decompose what's in here, you realize this is just being led around by two very large, very important stocks.

But I want to make a different point, which goes a little bit further.

This is the Staples ETF.