Way overbought on the daily and this is the first time in a while that it's gone red when the market is green
Kinda why I didn't play the rally the last couple of days, my favorite play appears to be played out. Probably should've bought AAPL instead, lol.
I think it gets a bounce at $101 if it does go down
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BTW, this is the craziest thing I've ever seen PCAR do. If you look at the chart it's way overbought on RSI and MFI went overbought 3 times which is a first.
So basically I quit playing it because it's not behaving normally. It did fill all of the gaps though, lol. ATH leading into a recession, and bond yields are higher than dividend yield right now. Strange stuff.
Not that I'm complaining, I've been bullish on this all along and made some decent money.
@hungry_hippo don't get this one! Why is a manufacturer of commercial trucks doing so swimmingly? My understanding is freight rates are abysmal (inventory over-supply), and I'm reading owner-operators make up a big portion of commercial rigs, around 50% (which would indicate to me the increase in rates would hurt refinancing/financing new rigs?) I need to read the balance sheet- maybe they make a lot of money off service contracts
jordandotdev
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@jordandotdev, hmmm now that I'm thinking about it - while new sales may decrease - refinancing at higher rates may positively affect the company
hungry_hippo
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@jordandotdev, there's still a backlog from parts shortages so they're doing well. Record earnings.
That being said, it's overbloated. It's just the market pumping stocks that beat on earnings, look at AMKR or JBL. They're trying to pump the indices, and only the companies that beat on earnings are going up.
jordandotdev
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@hungry_hippo, roger that - I read some analysis and saw the big parts business in a Seeking Alpha article. I bought some ORLY over the last few months - no one is financing a replacement vehicle for a while