The beauty segment, within the consumer discretionary part of the market, is one area I think is worth watching closely. Indeed, the amount that consumers spend on beauty products can often be taken as a bull/bear market indicator. That's because in good times, spending above one's budget on such items can drive higher profit margins and earnings for companies like Ulta (ULTA). However, if we see consumer spending deteriorate for such a company — particularly given Ulta's status as one of the lower-cost pr ...