Consumer Names Trashed at Your Discretion

In addition to consumer discretionary industries like the major casinos, LVS MGM WYNN, all getting trashed of late and sporting multi-user topping patterns confirmed, the major auto firms continue to deteriorate. After grinding, multi-week rallies, both Ford and GM are showing signs of rolling back over, all within the context of a broken charts. Despite the many arguments about the improved U.S. economy, major casinos and autos are not supporting that thesis. I suspect once we see the holdouts like COST HD LOW NKE SBUX roll over, too, that the bear thesis will gain more traction. For now, on a standalone basis the casinos and autos are damaged goods and remain short candidates into bounces. As for shorting any of them right here, right now, Ford looks to be the most actionable, as it is just now breaking down from its rising channel, seen on the first daily chart, below.