What I see developing here in PETM is distribution noted by the red flags. This chart looks similar to the way MCD topped out earlier this year. Possibly this also looks like CMG that I also caught on the short side.
In PETM, the sellers seem to come out of the woodwork near the $70 level. Over time the buyers are taking on stock that has been owned for a long time and doubtful that those sellers will return anywhere near current prices.
I will sell short soon and target a move back under $64 initially (cover shorts) and then will re-short on a lift back to the $67 area and then I will target a move under the $60 level.
I see very heavy resistance at $70.50 to define my loss level.
In PETM, the sellers seem to come out of the woodwork near the $70 level. Over time the buyers are taking on stock that has been owned for a long time and doubtful that those sellers will return anywhere near current prices.
I will sell short soon and target a move back under $64 initially (cover shorts) and then will re-short on a lift back to the $67 area and then I will target a move under the $60 level.
I see very heavy resistance at $70.50 to define my loss level.
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