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Taking A Bite of Some Strawberry SHORT CAKE

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October 19, 2012 – Comments (0) | RELATED TICKERS: CAKE

First trade for me so far today, and it is a short in Cheesecake Factory (CAKE). Typically, when I haven't eaten any breakfast like I have today, I'm looking to get long on anything that is related to food, but with the CAKE setup, you have a very nice bear flag setup, tight risk/stop, and a confirmed break of critical support at $34. 

My entry is at $33.97 with a stop-loss at $35.13. 

At this point, I'm remaining short-biased with the SPX refusing to break through the slightly declining channel yesterday. No reason to get long at this point when the charts have broken 1430 on SPX and have done nothing to repair that technical development from last week.

Here's the CAKE Short Setup:

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