Amazon is a 46 dollar stock?? WAhahahahaaaaaaaaa
- Thread starter bungrider
- Start date
To be safe, I'll wait for a double top, or to be safer, a head and shoulder. But then, haloween is around the corner, it may not have time for a h&s (if it goes down after all).
One thing worries me (I am bearish on AMZN), is that I never purchased anything on AMZN before, but this year, I've made at least 3 merchandise purchases, and found myself browsing their website a lot. Also don't forget that Christmas is comming.
Cheers!!
I don't like to fade a well-entrenched trend unless there is a major reversal signal, and I haven't seen one in AMZN yet. I would want to see buying get really mania-like, with a couple of really large spike up days in a row, then some kind of high volume reversal day. Then I'd consider shorting it. IMO you need the shorts to really get screwed, have a day or two of panic short-covering - then that will remove potential buying support and set it up for a big drop.
Until then, I'd rather look to buy it on dips & breakouts. Why fuss about valuation when there is so much to be made from riding the trend?
Until then, I'd rather look to buy it on dips & breakouts. Why fuss about valuation when there is so much to be made from riding the trend?