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El Pollo Loco (LOCO) is getting slammed hard in pre market this morning after Dennis Gartman noted that the euphoric trading could signal a top for the stock market.
"Is the market really healthy when an IPO with the name EL Pollo Loco … the Crazy Chicken … is a blow-out success and trades to a swift premium immediately," Gartman questioned in the note.Shares of El Pollo Loco (LOCO) struggled to rise above $20 Friday afternoon but the suddenly went parabolic into close and added another 43% on Monday.
Buy El Pollo Loco (LOCO) stock? Right now I would sell LOCO stock, not buy it. If we do get a market correction and we see a retest of $24-$26, I think it's safe to add this risky stock to your portfolio.
Also see - Top Stocks 2014 - Top Stock Gainers 2014
