Data could be pointing to a rally ahead for consumer discretionary stocks according to Brian Belski, chief market strategist with Oppenheimer.
Investors are focused on this sector in part because of Friday's jobs report, he says. Current market consensus expects the government to report a loss of 65,000 jobs. But there are other factors to consider, including Thursday's retail sales — up 2.9 percent in July versus a year ago, but below expectations, and "squishy" employment data: initial jobless claims rising to three-month highs.