Sure no one can pick a top for a stock (or even a bottom) but why chase when its not going to double, much less go over $600. CMG basically is peaking now as a restaurant and a stock, with odds suggesting that company revenue will fall going forward and consumers are looking else where for Mexican fast food. I liked Chipotle when it was $400 to $500 a share, but now its way to top heavy.
Remember - Pigs get eaten but hogs get slaughtered.
Excellent comments. However, I feel that even $400 to $500 is way overpriced. I am actually very puzzeled to see the buyers paying almost $100 more within 10 days. It had gone up like a biotech stock. I have already lost many thousands on the puts and have even lost. I decided to buy the DEC $500 puts and STILL losing on these!! But looking at $450 by then....what do you think?
Well if we open Red tomorrow I might just hit the sell button. Market action today is related to Fed report tomorrow and Thursday, but just because the Fed does not taper doesn't mean the market will continue to go higher. In fact as each month passes the odd of a Fed tightening increase. Have to see which direction we go tomorrow to decide if I say goodbye to Chip.