I had mentioned CMG in early November, when it started its rise from $370 to $415, then in December it gave back the gains towards year end. It has held this price range for a while where it only needs to fall 8% to 2013 lows, or rise nearly 100% to 2015 highs. With tax loss selling season over, I believe the bulk of the selling which could have happened, has done so. Any talk of improvements in customer traffic and SSS will likely result in a sustained rally. It is often the case that the dogs of one year are the stars of the next. Other catalysts include Ackman's involvement and greater focus from management on customers. Today, Wedbush upgraded it too.

Last Friday I sold 1 weekly $382.5 put for $7.2 expiring tomorrow, and I'll continue selling at the money or slightly in the money puts while it's under $400.

Chipotle was raised to Neutral from Underperform and the price target was raised to $400 from $370 (versus a $381.86 prior close) at Wedbush. The firm believes that Chipotle's expectations are now at a trough.