29Mar3:33 pmEST
The Mystery of the Steakhouse Quartet
Of the four major steakhouse chains traded publicly: BLMN (Outback) DFRG RUTH TXRH, RUTH and TXRH have been acting the best.
At issue now is whether the current market rally will broaden out and enable the entire "steakhouse quartet" to rally in unison, the way RUTH and TXRH seem to be, today.
BLMN is a sloppy chart and need to hold $16, and is of not much interest to me yet.
But DFRG, despite being traded thinly, is intriguing with its improved price action since earlier this month. Note the sharp bounce off the 200-day moving average today, for example.
Del Frisco's has endured a steady beatdown since early-2014, and may now have most or all of the bad news about the high-end chain baked into the potato. I am looking to see if a move over $17 can materialize in order to continue to play the emerging theme of the steakhouse quartet.
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