One thing I've learned Stoney, the most important thing when it comes to winning with stocks is patience my friend.
Before the bell I wrote Chewy would go down. Out of the gate it ran to the high of the day. Like $61 and change in the first few minutes. It was a head fake, and tbh, a younger me would have fell for it. A lot of folks did, it was over 1.5 MM shares in the first 15 minutes +/-.
Near term stocks are a game, I could write for the next hour on how its played and the mechanics behind it.Thing is Stoney, the big money has shopping lists... there's certain stocks. Chewy is one. On the surface as these things go, its overpriced af, but look at its chart, and look at the whole Peter Lynch thing you yourself observed. I don't even have to do a channel check, everyone I friggin know uses them for their pets.
Their margins are low to be sure, but looking ahead, there exists a plethora of value added revenue generators for this stock. Its just getting started. The selloff today was (as I pointed out before the bell)... a shake-out of the weak hands. The drop at the EOD... that was just daytraders getting out.
Make no mistake Stoney... this stock is one for granny, or better yet her grandkids. As long as funny money is the rule of the day, this bitch is heading north. I hope it drops 15% Monday. I'll buy this bitch all day long around $49... just like I said before the bell.