The Pepsi Gang Fighting Over Their Turf

After earnings, PEP is outperforming KO among the large defensive of drink makers (among other brands).

Pepsico's daily chart, below, reminds me of many charts in this market which have been consolidating multi-year advances in recent quarters, essentially going nowhere. In order to become more bullish, PEP likely needs to hold over $98. 

Beyond that, the stock may also be benefitting from a global safe haven trade of sorts, what with the volatility and headline risks in China and Greece. 

Speaking of which, China names like DANG WBAI are snapping back hard this morning. But spirited, sharp rallies are part of volatile, downtrending markets, not the exception to them. So I am looking to see if and where they begin to wave.