NKE: margins re-rate from here

The thesis

Card-spend signals point to a demand turn before the next print.

Traffic data is inflecting ahead of the comp the Street modeled.

What I'm watching

• gross margin recovery
• traffic vs ticket mix
• A clean move through the level I flag below

Positioning

Neutral / hedged on NKE, 2-6 months horizon. Conviction: Low. A weaker consumer would cap the upside; I trade the data, not hope.

Opinion, not investment advice. The author may or may not hold positions discussed.