NYSE:KMX is at a decision point. The setup is there but will we get the breakout from this point. I will be watching it’s next true move with volume to determine it’s true direction from here. NYSE:KMX could be worth a place on the watchlist.
It very well may break above that trendline, but I bet it will be a bull-trap. The structure of this whole move from Oct 2022 is choppy, sideways, indecisive. Traits of a correction, not a new bullish trend.
@Evdog9000 Those are some great points. To add that along with the macro economic environment we’re in kinds of dampens the upside view.
MonetaryRebel
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@LaTroy82, Exactly. I have some Jan 2024 puts on it right now and will double down if it keeps going up. Honestly, I think one day news will break overnight and the stock will open -20% the next morning, but anything is possible.
It very well may break above that trendline, but I bet it will be a bull-trap.
The structure of this whole move from Oct 2022 is choppy, sideways, indecisive.
Traits of a correction, not a new bullish trend.
This USA Today article says this, "The Federal Reserve said the rejection rate for auto loans in June rose to 14.2% from 9.1% in February, the last time the survey was taken. That was the highest level since this data was first collected in 2013 and for the first time, exceeded the application rate."
usatoday.com/story/money/personalfinance/2023/07/19/car-loans-harder-to-get-lenders-cautious/70425646007/