We’ve seen a very nice rally in U.S. equities during February, erasing all of January’s losses with most of our major indices now breaking out to all-time highs. The NASDAQ has been leading the charge and that indicates that we’re in a “risk on” environment, which is bullish for equities. Confirming that bullish environment is the relative performance of consumer discretionary stocks (XLY) vs. consumer staples stocks (XLP). In my last article, I provided a chart of the XLY showing the breakout that occurred in early February.