Travel Related Duds:
For all the chatter of how healthy the consumer is, some of the travel play’s are not confirming the thesis. We will talk later about the lagging cruise line plays in CCL and NCLH, but one could point to how DIS has been acting with the 20% haircut since late March, and perhaps a good entry may be in this area with the gap fill near the very round par number (the punishment from the completion of the bearish island reversal with the gap up and down following the last 2 earnings reactions from 2/8 and 5/7). ABNB did not have a well-received earnings reaction on 5/9 although it may be resetting at its upward-sloping 200-day SMA here. If strength can materialize a potential double bottom pattern is setting for for later in the second half. TRIP plunged almost 30% on 5/8 and has done little to make up any of the damage since. Peer EXPE has recorded back-to-back negative double-digit earnings reactions falling 15 and 18% and now sports a bear flag formation. Is all this a sign of a consumer depleting their savings? Even recreational products plays like CWH and WGO have been floundering.