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For all of the talk that a correction or even a market top is a foregone conclusion, the S&P 500 remains stuck in a tight 1340-1350 range on a closing basis. As I noted on my market recap, I actually had more of my longs finish in the green than in the red today. That said, despite Wednesday afternoon’s reversal of fortune for not just Apple bulls, but broad market bulls, the casual dining space showed some notable strength. Accordingly, I am looking at this group for long ideas on strength, going forward.
Also note that P.F. Chang’s China Bistro and Red Robin Gourmet Burgers report earnings tomorrow morning, which may or may not see some of the names below moving in sympathy.
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Chess, cant unusually strong up volume Indicate buying exhaustion the same way big down vol can indicate seller exhaustion? Isn’t that what happened in son in late Oct? Is this latest buy thrust for sonic necessarily accumulation?
Not in this case. If you zoom out the chart it had been in a corrective phase for many months and only recently saw strong buyers. There was no established trend. Instead, the buyers came and brought life back to stock. Besides, look how orderly the consideration has been since, with no dramatic selling volume to speak of.