Markets rallied nicely Tuesday, CLOSING slightly off highs with the S&P 500 up .9% and the Nasdaq by .65%. Gains were complimented mostly by the lagging groups, possibly lessening the importance of the move. Energy, materials and industrials all advanced more than 1%. Gains were broad based however with all 10 of the major S&P sectors finishing in the black. As we have spoke of before the casual diners have been beneficiaries of the weak crude price and there has been some shuffling among the best of breed names. Perhaps this year one of the top 5 stories will be the fall from grace of CMG. Since being unable to take out a cup base pivot point of 758.71 on 10/15, it has lost its way dropping 8 of the last 10 weeks. This week it has slumped by more than 8% already as the ecoli story seems to gain momentum by the week. Other strong former names to be fair were CBRL, which took out a 160.04 cup base trigger on 7/13 and remained above it for one more session, terrible POST breakout behavior. The overall group has been soft evidenced by recent new issues WING BOJA and LOCO as well. But where one door closes, one opens and some names which have emerged as front runners for the elite are familiar names like PNRA. We last profiled this name in our Wednesday 12/16 Game Plan and the stock is riding a very strong 5 week winning streak up 15% in the process, with each week CLOSING in the upper half of its weekly range. The stock has since held the round 190 number like a champ and many may now see a double bottom with handle trigger of 195.93, but that pattern would be false prone being that it is not in the upper half of the base. Below is the chart how it appeared in our daily report from 12/16.
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