I noticed it after PEP bounced off of 67 a few times on the 23rd and 24th and shorted it there on the 25th a few times for small scalps and small size for the bigger move (it bounced off of 67 30+ times on the minute chart on the 25th). So far today, it is still showing to be a good place to short as it has bounced there 18 times but if it breaks, I have an uber tight stop and reverse of position. Any thoughts on it welcomed. Happy trading, ya'll
I own PEP in a DRIP account, so I want it going up and paying higher dividends when it can. But I noticed it didn't like that 67 level too. It hasn't been back to it yet.
All the buzz seems to be about Pepsico's acquisition of it's bottlers. People thought PEP should have had a better earnings release this quarter because of it. Indri Nooyi made a veiled reference to Coke during the conference call saying that they "dropped their pants", meaning cut prices. Apparently PEP is not going to cut prices anytime soon, and the market apparently thinks they should.
We finally get a close above 67. If this holds for the next few days, it should be the start of a nice little bull run. I've had this thing in a drip account for a few years now, it hasn't been stellar.