First trade for me so far today, and it is a short in Cheesecake Factory (CAKE). Typically, when I haven't eaten any breakfast like I have today, I'm looking to get long on anything that is related to food, but with the CAKE setup, you have a very nice bear flag setup, tight risk/stop, and a confirmed break of critical support at $34.
My entry is at $33.97 with a stop-loss at $35.13.
At this point, I'm remaining short-biased with the SPX refusing to break through the slightly declining channel yesterday. No reason to get long at this point when the charts have broken 1430 on SPX and have done nothing to repair that technical development from last week.
Here's the CAKE Short Setup:
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
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