Casino and Construction Sub-Sector Weakness

Now that we're seeing some downside follow-through for the first time since December, I wanted to outline a few more potential short setups on an absolute and relative basis. The S&P Midcap 400 Consumer Discretionary Index is one of the cleanest charts I see out there on an absolute basis, with well-defined risk and reward/risk clearly skewed in favor of the bulls. Since there's no exchange-traded fund (ETF) to trade this, I had to look through some of the individual components to see how we can best express this thesis in the market.