Josh Brown

And what you can see in this chart is that the orange line, which is just the regular consumer discretionary sector, holding up pretty well, and the purple line starting to break down right around the time that gas prices really accelerated.

And that's not an accident.

I think that is the true state of the consumer discretionary situation is in purple.

And I think the driver of a lot that happens in that equal weight index is the price of gasoline.

Not the only, but right now, the most important one.

This comes from Ed Yardeni.

Give me the next chart.

I want you guys to understand what's actually in the consumer discretionary.

10% is apparel, retail apparel.

So this would be like Abercrombie & Fitch and Lululemon and Gap, right?

Then we've got like all retailers, 9.3%.

And then when you look at everything else in this index, this is year to date.

This is year to date.

So all of that gain is coming from those two categories that I mentioned.

Everything else is detracting.

Casinos are down 17%.

Auto parts are down 13.

Home improvements down 10.

Even hotels, resorts, and cruise lines are down almost 10.

Home building, we know the story there.