• Chart of the Day: McDonald’s Corp. (MCD)

    by  • December 10, 2012 1:33 pm • Charts to Watch, Tony Venosa's Chart of the Day

    Today’s chart is of McDonald’s Corp. (MCD) which franchises and operates McDonald’s restaurants in the global restaurant industry. Its restaurants offer various food items, soft drinks, coffee, and other beverages. The company operates approximately 34,000 restaurants in 120 countries around the world.

    Ticker:  McDonald’s Corp.  (MCD)

    Strategy:  Look for consolidation to take place

    What I Am Looking At:

    • Upside gap this morning after reporting that global sales rose 2.4 percent in November
    • Underperforming, down more than 8 percent year-to-date
    • Up nearly 8 percent since its 11/16 52-week low
    • Shares are back to lower gap area from mid-October negative earnings reaction, possible area of resistance
    • 200-day moving average could also serve as potential resistance
    • Friday, 12/7 saw a large number of call adds at the 90-strike which could be acting as a roadblock for shares
    • 1.3 percent of the float is sold short, less than 2 days to cover
    • 10 “strong buy” ratings and 3 “buy” ratings versus 11 “hold” ratings among analysts

     



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    About

    Tony Venosa, CMT is a Senior Options Strategist and works on the trading desk at Schaeffer’s Investment Research. He joined Schaeffer’s in 2010. He has worked in the finance industry for over 15 years. He began his career as a trading assistant in Chicago on the floor of the Chicago Mercantile Exchange. He later moved upstairs and worked as a commodities broker on both the retail and hedging side. He left the brokerage industry to begin his trading career as a proprietary equities trader at a Chicago firm. In 2000, Tony moved backed to his hometown and continued trading his personal account. He later went on to earn his Chartered Market Technician designation. He earned a B.S. in Finance from Miami University. Tony’s main focus is short-term directional option trading.

    http://www.schaeffersresearch.com/