17May11:06 amEST

Plenty of Flavors Besides Salty

It is easy to become salty about this market. After all, bears had a good setup to bring us down hard in recent weeks--A steep rally since Christmas which was met with swirling trade war headlines and lingering Fed uncertainty, not to mention mixed economic data. 

However, those pesky software stocks have refused to let bulls lose their grip on the tape. And the net result seems to be that we have a market hell-bent on frustrating shorts as often as possible even with this morning's opening weakness. 

As I write this, the indices are flipping green. Even if we see some more whipsaws intraday, as long as we do not cascade lower this afternoon for a bloodbath I suspect bulls will have every right to claim victory headed into next week, the last full week of trading before Memorial Day Weekend and the unofficial start of summer. 

Beyond software, though, we must not forget about some studs in the restaurant space. The likes of CMG MCD WEN deserve their accolades. But so does Wingstop, which amazingly continues to fly well under-the-radar of many traders despite sporting one of the cleanest charts in the entire market 

On the WING daily chart, updated below, we can see the fast-growing chicken wing takeout firm going for a base breakout this morning. Note how WING has suffered virtually no turbulence in recent months despite the headlines and market volatility. 

We are talking about a $2.3 billion market cap play with a fair amount of shorts in the float too, making this ripe for a buyout offer as well as an old-fashioned squeeze. 

If nothing else, WING should remind us there are plenty of flavors out there right now, even beyond software, and especially beyond salty. 

Bring Me Everyone Sunday Matinée at Market Ch...

 
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