Bulls Make Money, Bears Make Money; Carnitas Get Slaughtered

Chipotle Mexican Grill, a name we have recently been noting as a renewed short setup for Members, is knifing down more than 6% this morning after its co-CEO said he was nervous about the firm hitting year-end guidance. 

Putting that news to one side, the overarching trend for CMG remains firmly down, with plenty of other casual dining stocks acting much better.

The big news here for us, as traders, is that CMG may very well be commencing its next leg down. As you can see on the zoomed-out daily chart, below, the stock has been skipping around sideways since June.

A fresh breakdown now, with the stock holding under $390, sets it up for short entries into any bounces from here. 

On a brighter note, there are, again, casual diners elsewhere acting much, much better. We will be discussing and updating some of those for Members in future videos.