TJX, HD, Lowe's, and why the panic is overblown ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Monday, February 23, 2026 |
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I'm going live on Wednesday at 1 p.m. ET. Here's what's on my screen. TJX reports Wednesday. It's the most important consumer print of the week — not the most talked about, but quietly one of the best performing stocks in the group over the last year. Up ~30%. They have appeal across high and low end shoppers, management is candid on calls, and I'll be listening to every word. Home Depot and Lowe's also report. Between them, they've effectively cornered home improvement. They've been on a heater — but they're 100% levered to housing and the state of the union. Wednesday tells us a lot. Big picture: Consumer Discretionary has been getting stomped since SCOTUS let the tariffs through. I called it last week. All the doom and gloom surveys? Bear Porn. It's not showing up in how people are actually spending money. The trade right now is waiting for washout selling — and when it comes, Discretionary wins on AI. Come watch me be right about it live. |
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Jeff Macke | The Macke Portfolio |
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