“Teary” Eyed Shareholders?
If one were to inject an I in the middle of the chart symbol below in ONON it would spell the vegetable that when sliced produces a teary event. That event that could further cut the stock is Investor Day this Wednesday. I would never make an investment based on something like that but this name has been displaying relative weakness for the last couple of weeks which suggests something is up. Perhaps bad news in a couple of days or a stock offering announcement. I have no idea, but PRICE is telling us the probability of something negative occurring is a real possibility. Is this saying something about the health of the luxury consumer? Again I would be a charlatan if I said something concrete about it, but there is a gap that I would not be surprised if it was filled from the 3/22 session just above 22. That was the day before a huge earnings-related move of 26%. The stock benefitted from the NKE move last Friday, but it could not hold, and the big distribution weeks ending 5/19 and 8/18 that dropped 18.8 and 12.4% give the chart’s complexion a nasty look. Will this be a Roger Federer unforced error this week (8% owner)?