Everything from apparel and auto retail to consumer staples, food, and drug retail, all distilled into one price.
And that price is at all-time highs.
This matters.
Because every one of those companies has its own set of risks, headlines, and excuses.
Some are fighting margin pressure.
Some are dealing with labor issues.
Some are navigating shifting consumer behavior.
Each has its own “reason” to be cautious.
Yet here we are.
All of that information, all of those debates, all of those individual decisions made by very smart investors with real capital, are being voted on every day.
The result is simple. Higher prices.
Yes, the news has been noisy.
Geopolitics. Economic worries. Plenty of reasons to hesitate.
But price doesn’t trade headlines. Price discounts the future.
Markets are forward-looking, not backward-justifying.
When an ETF like XRT is breaking to new highs, it’s telling you something about the aggregate health of retail and, by extension, the consumer.
You can choose to trust the narratives outside the market. Or you can listen to the message inside the market.
