The Market is Predicting Golden State Will Beat Cleveland in the NBA Finals

While it is true that Nike was one of the more than three-hundred businesses to sign the  signed an open letter calling on President Trump and Congress to stay in the Paris climate change accord (which Trump just pulled the U.S. out of today), other factors may be in play regarding NKE's notable underperformance today.

On the NKE daily chart, below, Nike has the look and feel of a bear flag breakdown in an ongoing correction. Unlike Starbucks, which appears to be emerging from a multi-year correction, NKE failed to hold onto gains from earlier this year and now risks rolling over.

In addition, LeBron James (NKE spokesman/celebrity athlete endorser) the star player for the Cleveland Cavaliers, is up against a juggernaut in the NBA Finals starting tonight against the Golden State Warriors. The Warriors, for all intents and purposes, are essentially starting an All-Star team and "King James" will have his hands full again against Steph Curry (an Under Armor spokesman/celebrity athlete endorser).

I know I am taking some creative license here into the bell, but it sure is interesting to see UAA finally get off the mat a bit and outperform Nike on the first day of the NBA Finals.

More on the market in my usual recap for Members after the bell.