Ready for Consolidation
There is no skirting the issue, the afterhours buy on Chipotle Mexican Grill (CMG) was atrocious.
Support held the weight of the sellers like a flour tortilla trying to hold the weight of a diner. Momentum is clearly gone from CMG and every other support level I had drawn, ones I didn't think we'd see today, were cut through like they didn't matter either. Of course, you don't need me to tell you momentum is gone. Every person in the world is saying it. Hat tip to Brian Sozzi on his pre-earnings look at CMG which was dead on. No excuses here. Unfortunately, the stock gapped through the area where I had my stop drawn, which is the biggest risk to holding overnight, so I was left with buying puts or selling the stock at the open. I went with the puts thinking there may be a bit of a bounce. CMG has not seen a bounce at all....261 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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