SBUX gets another earnings miss SHORTSBUX on the dialy chart may be another candidate to short while the general market remains
challenging in the face of the loss of anticipated rate cuts and ongoing geopolitical risk.
SBUX has been trending down for nearly six months and the earnings miss add emphaisis to the
trend. At this juncture, there is nothing to suggest a turnaround. I am adding SBUX to
my short list. I will look for pivot highs on a lower time frame and average into an overall
position in pieces.
Fastfoodstocks
CMG will likely retrace SHORTCMG catapulted after the best earnings beat with an excessive and overextending move to the
upper bounds of the widening wedge pattern and beyond the third upper VWAP band on
this 30 minute chart. It did have a corresponding leap in volume. However, I expect a
retracement into the 3020 level based on the Fibonacci tool. This is about a 5-6% downside.
I will take a short trade here targeting that Fib level. and perhaps more.