$AMZN sports a 550 p/e ratio. It's pundits continue to talk negatively about the stock, yet its up almost 20% over the last year. Here are the two latest titles on Seekingalpha.com "Amazon.com Has A Big Problem" and "Expectations Sky High For Amazon.com Again On Thursday". I enjoy gathering opinions of other market participants to help reinforce my own opinions on stocks. Like we saw with the recent pull back, when everyone thinks a stock is going to head one way, it usually heads to the other.
Let's cut to the chase. I think $AMZN is poised for a sharp post earnings move to the upside. I've been calling for this move since it hit recent lows under $320.
and here is the action I see for $AMZN post earnings:
I like the $360 and $370 weekly calls.
They closed at $1.24 and $.86 respectively.
I can spend a few hours writing up a long winded post on why $AMZN is a $400+ stock. But I'm not going to waste your, or my, time.
From a technical perspective I am looking for a move up to the former resistance line the stock fell from - the roughly $380 level. That would bring a test of new record prices into the picture as it moves over $400.