This Domino Did Not Fall Down:
The days of the undisputed casual dining leader CMG are now possibly behind them. On the stocks current 4 week losing streak, its first since late 2018, it now stands 33% off its mots recent 52 week highs. YUMC has been holding its own just 18% off its own most recent yearly peak (nearly twice as good as YUM being off 34%). Other former best of breed names like WEN and WING, now sit 30 and 37% off their own respective peaks. Below is a stock that looks ready to assume its general role, and notice the nice technical action this week. Not only did it fill in a gap from the 2/19 session, but it found support at it still RISING 50 day SMA, and the round 300 number. “Looking left” on the chart one could see just how important that 300 figure has been, as it was resistance in August ’18, April ’19 and again last December. The intraday lows from this Friday should provide a nice area to play against on the long side.