Amazon (AMZN) 10/23 After Hours
It seems the investment community has lost patience with Amazon(AMZN), as the stock has fallen over 9% after each of the last three earnings reports.
UPB HERE - The V-Bottom, in spite of the $SPY break of long term support, is still a valid reversal theme for the market.
I wrote about this briefly earlier last year.
The market remains in price recovery mode after last weeks collapse. The panicked sellers of last week have turned into panicked buyers this week. I think stocks will remain weak under broken support lines. If this rally can launch the market back over support... it's on like Donkey Kong. Call me Captain Ambiguous.
I'd much rather say definitively stocks are going higher, or lower, but I get much less flack on twitter when I am ambiguous. Also the only way I can be wrong about the market is if it remains flat for the next 100 years.
I spent the weekend looking at charts, getting ready for the barrage of earnings reports coming this week. I see a lot of charts that are broken, perhaps a massive rally from the market will change all of that.
Yesterday I entered KO $43 puts at $.46, a trade I posted in the private twitter account and in the chat room. Today those puts are worth over $2.50.
Stock futures are starting the day sharply higher after reports say the ECB is going to buy corporate bonds. The next step is outright purchases of stock futures, and perhaps when the Central Banks own 98% of the stock and bond market, the economy will be on solid footing.
Here is what I am reading this morning: