With the glaring weakness in retail plays in 2014 thus far, I am looking at a restaurant play like CAKE to also get hit. As a result, the first chart below of the daily timeframe shows a potential support breakdown setup, especially under $46.70.
And on the long side, keep an eye on the coiling OPEN for a squeeze higher.
Drop me your top tickers overnight.
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Enjoy tonight’s video, and enjoy your evening.
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While the main coffee ETN (JO) tries to stabilize over $23, note four main coffee stocks are split.
GMCR JVA are more long ideas, while DNKN SBUX are still setting up as shorts.
Be sure to check out my video market recap after the bell for a full discussion.
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Just a quick afternoon note that the junior gold miners are outperforming the seniors considerably today.
Typically, this is a bullish sign for the precious metals miners complex, as the junior outperforming indicates hearty risk appetite. Does Junior still run the family?
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Interesting action in the big box retail stores versus a department store like Macy’s.
Costco was a monster winner in 2013, but the rubber band became too stretched and is now reverting. To my eye, seen on the first chart below, we still have the makings of a short setup if the outlined bear flag breaks lower under $115.
On the other side, Macy’s is still giving us a tight base over base daily chart look, second below. I view it as a long idea over $56.
NUS and HLF halted again? Any news?
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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