Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Home Depot Inc (NYSE: HD) shares were unchanged at $112.24 in Monday's session. The company, which is due to announce Q3 results before Tuesday's open, made an new all-time high ($113.16) off the open before falling back to unchanged.
The issue, which had found resistance in a narrow $0.28 trading range ($112.17 to $112.45) in its previous six sessions, easily cleared that level off the open. However, when there was no follow through from the sharply higher open ($112.99 vs. Friday's close of $112.24), investors began to trim their holdings ahead of Tuesday's earnings release.
The issue has rallied nearly 24 percent since its October 16 low ($86.35) to Monday's high of $113.16. Home Depot's peer in the sector, Lowes Companies (NYSE: LOW) staged a similar move in today's session, rallying to a new all-time high off the open ($74.34), before falling back to unchanged ($73.56).
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!