| Date | Ticker | Direction | Thesis | Source |
|---|---|---|---|---|
| Feb 11, 2026 | LONG | High-end consumers are "trading down" to mass merchants. While the low-end consumer is struggling, the volume from wealthier shoppers moving down the value chain benefits the large discount retailers. LONG Walmart / Costco. If the high-end consumer stops spending entirely rather than just trading down. |