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The price action in auto dealership stocks is telling you loud and clear that pent-up auto demand is starting to materialize. You can cite all of the economic data that you want, but at the end of the day if you are a stock trader then all that matters is how the market interprets that data, and how the big money players position themselves. The weekly charts of virtually every single stock in the industry are as properly set up and technically sound as you will see in any corner of the market. Indeed, there were promising signs in this group in 2011, although these stocks bounced around randomly along with the broad market at various times during the year. This time around, they may just be ready for a steady move higher.
Just as with the casual dining stocks that I profiled yesterday, these auto stocks are a strong group worth monitoring closely on the long side in the coming weeks. Also note that we are now in earnings season, so being cognizant of when these firms are reporting is important for swing traders.
Members of The PPT and 12631 can click here for a full list of stocks in the auto dealership industry, sorted by PPT Technical Score.
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As a supplier to many of the tiers, we couldn’t be busier.
Thanks
Now a days I read your blog more than Fly’s. Keep Posting. If I had time i would become member of 12631.
Thanks. Just as an fyi we have plenty of members inside 12631 who work full-time and check in when they can. The service is conducive to both active and a bit more passive traders.
chess, any comment on CACC?
Back up $82 I’d be interested long. Orderly weekly chart pullback. Thinly traded.
ford looks nice also.
I believe it. I was just at the grocery store and the parking lot looked like a car dealerships lot….brand new cars everywhere, even on both sides of my car were two brand new cars, one still with the sticker in the window… crazy.
local Ford dealer just did the first commercial i’ve seen in a couple years during Tebow time this weekend. no clue if it means anything. the area is wealthy but small population. Santa Ynez, Ca.