Excerpt from the Interview:
There are a lot of concerns about a slowdown in consumer spending, particularly on big-ticket items. However, customers are still spending on technology and designer brands, says TheoTrade Chief Market Technician Jeff Bierman. Bierman says of companies like Abercrombie & Fitch (ANF) and Lululemon Atheletica (LULU) that "people continue to spend" on their products "regardless of the actual rate hikes that have occurred." However, Bierman warns that there could be a "corrective mode" if "we cannot maintain jobs at a certain high level," given that savings have been depleted.