I am back to looking at McDonald’s as a short idea for Monday, especially with weakness down away from the declining 200-day moving average. If price moves back under $96 I will likely enter the short. McD’s remains a damaged chart technically on multiple timeframes.
And on the long side, despite the sloppy day the ETN chart had on Friday corn futures are near session highs overnight. I am long CORN and obviously looking for that soft commodity to push higher yet.
Drop me your top tickers overnight.
______________________________________________________
I’ve thought a bit about the MCD short since mid-last week. It’s sloppy and the bulls are spinning their wheels, so I’m now thinking a costanza short on an up day may be even more profitable.
MCD is the new normal. Hard to fade fake. Why would it go down? Dodging the divvy and the buybacks with the financial fuckery all seems too hard.
MCD appears to me be heading back up, slowly, or at least into consolidation for a spell. Look how quickly they’ve bought it up again. Why would they sell it up here — unless it dips down to the lows so as not to lose any $. Will keep on watch though for sure.
Restaurants: RUTH DRI WEN SONC