In the face of a mixed, if not soft, tape this today, individual issues like DGLY EFUT GPRO LOCO are going bonkers to the upside, among a few others.
Given the sheer size of these moves today, on top of previous action in DGLY, I view it as a cautionary sign of a market setting up to trap wild-eyed momentum chasers.
In addition to casinos, a name like MCD is threatening a multi-year breakdown in its own right. After a tremendous bull run since 2003, the stock is busting down through a rising wedge on the monthly chart, below. I view the stock as a short setup going forward, as long as $97 holds as resistance.
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good call on $wynn. Looking for a price to buy?
Not yet. Major breakdown very much a threat here.
Waiting here.