Carvana Starts The Week With An Opening Rally
Let's start with the action on Carvana back at the start of the week. Here is it's mid afternoon chart on Monday. The stock is up $23.00 on the day! When I see stocks move up like this I sometimes wonder why there isn't more profit taking at the end of the trading sessions. . Now let's jump forward to Wednesday afternoon with tomorrow being a holiday. Carvana is up. How much? Well about $28.00 more dollars in two days! The word on the street is that their main competitor "Carmax" is in trouble. Here it how it has traded in the last thirty days. It had a bit of a dip but seems to be coming back. Avis Budget Group, also shown below the same thing. Hertz in the last three months has also struggled in price. So back now to Carvana. It's on fire this week. Buying Puts now that expire on Friday would be kind of dumb. That plus the market will be closing at 1:00 p.m. on Friday. Yet then again the stock could drop $25.00 in one day. Now here is a wildcard fac...