I am recommending sales of Lowe’s Companies, Inc. (LOW). The stock has participated well in this month’s rally, and the shares are up 9% from June lows. While I normally do not make trading calls in Value Authority, this is an unusual time in the market, and all tools need to be considered.
LOW has a lot of resistance at its current price and appears to be vulnerable to a pullback fundamentally and it has achieved this rally despite mortgage rates rising this month, and with mortgages rates at 7%, existing house inventory and sales will likely remain depressed, and estimates for 2024 will come down. It likely does not hurt to take profits in the current market environment. Let’s sell.
Sell LOW stock at market price.