Investors have started to pay attention to some soft signs in the discretionary space. Sure it’s dominated by the action in AMZN and TSLA which are 9 and 18% off their most respective recent peaks. And the XLY is masking the damage well off just 5% from its 11/22 high (XRT off 11% from its 11/17 top). But looking under the hood one sees the likes of BBY down more than a quarter of its value in just the last 3 weeks, as a bull flag forms. I began to take note when leaders like SIG RVLV and CELH were starting to act soft, about a month ago (they are now 21, 29, and 40% off their recent 52-week highs). One way market participants gauge “risk on/off” is through the ratio chart of the staples compared to the discretionary sectors. Below one can see the staples are refusing to make new lows, and with strength in drug and food retailers, and personal products over the last week, is the weakness in the overall staples arena not “transitory”?