Tuesday, September 1, 2009
Amazon - AMZN
Amazon daily (above) shows the stock having formed a distinct island reversal. The stock gapped down thru $82.50, as well as, coincidentally?, an uptrend line going back to Nov/08. All this excited the bears only to quickly reverse and shake them all out.
AMZN is now sitting on the downtrend line from the highs going back to the bull market highs in the fall of 2007(descending red line). A break of this and more importantly a weekly close below would be most interesting, on the short side.
Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units Ultrashort FTSE/Xinhua 25 ticker FXP @ $10.58 stops @ $9.94/9.54
Long 1 unit Ultrashort Real Estate ticker SRS @ $11.93 stop @ $10.94
Short 1 unit JP Morgan ticker JPM @ $43.66 stop @ $44.71
Short 1 unit Abercrombie ticker ANF @ $33.23 stop @ $35.33
Short 1 unit Aeropostale ticker ARO @ $40.81 stop @ $42.36