$Nike(NKE.US) dipped slightly, and $Lululemon(LULU.US) also fell by a similar margin. Both sportswear brands moved down together today. The question is whether this pullback is just a normal breather for valuations, or if consumer demand is genuinely weakening, with inventory and discount pressures starting to seep into the financial reports. I'm currently more inclined to believe it's concerns at the fundamental level that are at play—the North American sportswear market has been receding in both volume and price over the past two years, and brand premium alone can no longer support the previous high valuations. We'll have to wait for next quarter's inventory and gross margin data to disprove or confirm this.