Separate the Innocent from the Guilty

To follow-up on recent blog posts about Walmart and many consumer discretionary names, we still have the likes of Home Depot (HD) making fresh highs today to perpetuate a multi-year if not steep uptrend. Starbucks and Amazon remain incredibly resilient, to boot. 

But Disney is still struggle after its recent earning gap lower. Disney, like HD and SBUX, had been sporting a steep long-term trend for a while now, seemingly defying gravity, especially when you consider the market cap of the firm. 

On the updated daily chart, below, I view another move down under $106.75 as representing an actionable short entry, to play for continued downside as the multi-year trend finally unravels.

As for the market at-large, I will cover that for Members in my usual Midday Video, filming now.