Hiding in the Shadows

It is not just the likes of Chipotle, Starbucks, or Lululemon weakening on a daily basis in retail/consumer space these days, as those names could--and have, by equity and macro bulls--easily be dismissed for brand maturity and losing market share to newcomers. 

Instead, we are taking about titans of industry, Costco and Visa, respectively below on their weekly charts. Not only are they lagging noticeably today but I still maintain they are near completion of major, multi-quarter tops. Can the market and economy truly survive COST and V topping out here on a multi-year basis? Not in my view. 

So while Oracle plays the buzzword game and rallies 40% even though they missed earnings, here in the real world the U.S. consumer beyond the wealthiest Americans continues to flash signs of a recession.