Don't Arbitrage at Arby's

Instead of Arby's (partly owned by Wendy's), head on over to Yum! Brands, Inc. for a tastier version of "arbitrage."

Specifically, for Yum! Brands, owner of KFC, Taco Bell, and Pizza Hut, the U.S. stores are slipping today (first daily chart, below, for YUM), while the China version of the YUM (ticker YUMC, second daily chart, below) is getting in on the party for the hot China action of late.

Thus, "arb" traders may look to short YUM while going long YUMC to exploit this spread. Note that YUM is breaking down from a rising wedge, at least initially, while YUMC could easily just be getting started on a breakout higher up and out its massive triangle consolidation. 

Elsewhere, tech is outperforming early on, thanks in part to the NVDA move higher cancelling out the ORCL earnings selloff. Chips, in general, are still worthy of attention on the long side. And we are stalking a few for Members at the moment.