We recommend overweighting the Global X Millennials Thematic ETF (MILN) relative to SPY as a shorter-term trade. We target 16% relative upside by mid-November. We see sentiment toward Consumer Discretionary as overly pessimistic given we believe inflation growth has peaked, the U.S. consumer is still the bright spot of the U.S. economy, and dramatic underperformance by the Consumer Discretionary sector since November 2021.
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