Hedgeye CEO Keith McCullough is adding Sysco Corp (SYY) to the short side of Investing Ideas. Below is a brief note.
If you want to be a profitable short seller in a bear market, next to your #process you greatest asset should be patience...
Timing matters.
My first re-entry on the short side here isn't going to be a story stock that the crowd loves to chase (career risk management trades there!).
It's going to be a boring food service short: Sysco Corp (SYY) that is up over +6% today on #decelerating volume.
Here's a recent Consumer Staples analyst Howard Penney summary thought on the name:
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“The Restaurant industry is effectively closed, and the analyst community will not adjust estimates for the big industry players. When the machines get the signal that forecasts for SYY are signaling a disaster, it will be a problem for the stock.” |
Sell the bounce,
KM
