Beer and Circus Ain't What it Used to Be for Disney

Much of my focus remains on the long side in this market, given the historical resilience and nonstop rotations. Nonetheless, a few interesting shorts are popping (or dropping) up here and there, with Disney acting as a good example for us to examine. 

Disney is, of course, a Dow component and was a major winner from 2009 into 2015. Since then, however, Disney has faced various emerging headwinds, with ESPN's downfall in terms of content and (cable) subscribers still very much a concern. 

Those concerns are still reflected on the DIS chart, below on the daily timeframe, with price threatening a fresh breakdown from the highlighted triangle in the context of an ongoing downtrend. 

Put another way, Disney remains a laggard in the Dow, among large cap and media-related firms, and in the consumer discretionary arena, to boot. 

Elsewhere, the market remains grinding slightly overall even as we see mixed action below the surface before the FOMC Minutes later today.