I mentioned overnight that Starbucks was notably red onTuesday, despite many beaten-down stocks bouncing.
That is, typically, a bearish circumstance for the stock as it indicates a lack of demand even at seemingly bargain prices, or at least temporarily oversold levels.
As a result, on any further weakness, especially if we see selling in the tape after the FOMC, I have Starbucks on the radar short.
The stock remains in a downtrend on the daily timeframe with tons of overhead supply and damaged technicals.
What are out checking out this morning?
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HFC has been exceptionally strong in a weak tape.