Retail earnings season is setting bear traps disguised as breakouts. [RH, TGT, and VFC all posting beats](https://news.google.com/rss/articles/CBMibEFVX3lxTFBhN3pySjdtSHVmMWlZVDhyZFo1eHhOeFNTQXpGa1VVUFRYbTBaZTVoNzJpbjVwbGtvdVlHemdmanVlQ2EyakFoRUtsZTBSZ2dvZUVHQ2JoOURNMXF0czdYXzJhY2dYRjlRSEtzRw), but earnings beats *after* a 30%+ YTD run just mean management pulled forward demand. The real signal is what the beat cost them—margin expansion or deterioration, traffic trends, inventory turns.

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