GM
For long-term investors, the old adage "buy low and sell high" does not always apply. Often they will buy high and sell higher. What this means is that the best stocks often offer add-on buy points on the way UP. As we await the earnings from TSLA after the CLOSE Wednesday afternoon GM already did so and it was impressive. Below is how we looked at the name in our 8/19 Consumer Note. General Motors: Auto play up 26% YTD and 38% over last one year period. Dividend yield of 1.1%. Name 10% off most recent 52-week highs (rival F is 29% off its annual peak in comparison) and WEEKLY chart shows rapid reclaim of 200 WEEK SMA which was stern resistance throughout 2022-23. Nice action last week up 4.2% following through after prior weeks bullish piercing line candle off 50 WEEK SMA. Earnings reactions mixed up 4.4 and 7.8% on 4/23 and 1/30 and fell 6.4 and 2.2% on 7/23 and 10/24/23. Enter into gap fill which completed bullish island reversal. Entry GM 44.25. Stop 42.50.