After Tuesday’s price action, there are several short ideas I could list. But Cheesecake Factory, Inc., seems to stand out as being most vulnerable on any further weakness.
On the daily chart, below, not he potential major topping out pattern (purple lines, after a prior mult-year uptrend).
The recent bounce is still below a 200-day moving average which is declining, leading me to believe it is simply setting up the next leg down. I would consider a short back below $45.
On the long side, keep an eye on the precious metals and miners for quick upside bounces, given the late-day surges we saw there on Tuesday.
Drop me your top tickers overnight.
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Lots of respect Chess, but with all that support below it (not to mention the fact it’s already down two days), would a long in this instrument be unreasonable?
Not for my style. Declining major moving averages above price. It’s already tested that support several times, which makes it more vulnerable.
thanks for the clarification–always good learning new styles.
Chess, what do you see on the LULU monthly/weekly chart? predictions for thurs? TIA
Earnings coming up so I am flat.
Chess, do you ever sleep?
Biggest move of the year coming tomorrow. Congrats Chess in advance since I am sure you are well positioned for the downdraft tomorrow. I suspect we drop and go all day long.
nice call breh
Not liking the lack of participation for longs Grandmaster. $AET has been a good long and had a strong day (Healthcare). Specs looking volatile $CMRX $ENSV and strong $XPO $TRP $PNK. Bearish – $SIX $IWM ($RWM long – watch). $TIF $JWN Retail trades is on the back burner for now, still watching though ($RH reports after the bell)
Many FA fallacies here…hmmm