Jim Paulsen's Walmart Recession Signal Climbs Back Near Levels Last Seen During the 2008 Financial Crisis

Jim Paulsen's Walmart ($WMT) recession signal, which compares the price of Walmart shares against a basket of other retailers, has climbed back to levels it last saw in 2008.
According to the author, the ratio spikes when consumers trade down and crowd into the cheapest option, and it is flashing now.
The author says the top of the K is still spending while the bottom is already defensive, and that this gap is what a late-cycle consumer looks like.