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Luxury stocks, already cheap, get even cheaper

The luxury markets worldwide are under pressure again. From the U.S. to China, even high-end consumers are increasingly value-sensitive.

You'd think with a stock price down more than 40 percent this year Michael Kors could catch a break ahead of its earnings report on Thursday, but no such luck.

It's down another 8 percent Monday, along with smaller but notable declines at Fossil, Ralph Lauren , Movado, and Coach .

Most are at multi-year lows, but the bearishness just keeps coming.

Luxury brands Monday:

Michael Kors 3-year low

Fossil 3-year low

Ralph Lauren 4-year low

Coach 6-year low

What's up? They are all reporting in the next few weeks, and nobody has anything good to say about them, despite these ridiculous declines:

Luxury brands YTD:

Michael Kors down 48%

Fossil down 41%

Kate Spade down 36%

Ralph Lauren down 35%

Coach down 20%

For example, today JP Morgan downgraded Coach, noting that margins are increasingly under pressure, and didn't have much positive to say about Michael Kors either...