Top technician says this is the way to play the consumer

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Forget retail or restaurant stocks — Carter Worth of Cornerstone Macro says the best way to play the consumer could be in the travel space.

"There's a phenomenon where people don't spend on things but rather on experience," Worth said Friday on CNBC's "Options Action."

Worth noted that while many of the consumer stocks have sat out on the recent rally, Carnival, specifically, is emerging as one of the better performers in the sector.

carnival 1 Pei 170109

The stock has cruised more than 12 percent higher in the last three months, outperforming both the S&P 500 and consumer discretionary sector. Furthermore, Carnival is trading at a discount to its previous high in 2005.

"Here's the best part," said Worth. "When it was [trading at $58.98] in 2005, it had a PE of 25. Now it has a PE of 15," he explained. "I think it's a way to play the consumer. It acts right relative. It has the long-term opportunity of having being an underperformer. We would be a buyer of CCL," Worth added.

canival 2 Pei 170109

Carnival has soared over 20 percent in the last six months, and has started the year strong with another rally.

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