Bottom fishing...Amazon

(Bloomberg)

Tech austerity
It’s not just Twitter fighting battles — the rest of Big Tech is struggling, too. Amazon said Thursday it would pause adding new corporate workers, citing an “uncertain” economy and its hiring boom in recent years. Ride-hailing company Lyft is going further: It will eliminate 13% of staff, or around 683 people. Even Apple, which has outperformed most of its peers this year, is slowing spending and has paused much of its hiring.
 
I owned AMZN, sold it back in April at 143, after it broke support. I sold it strictly based on technicals.
But from a fundamental, long term perspective, I think, AMZN will do ok, meaning, you might as well buy SPY. In this case, Minervini is right. The easy money in AMZN has been made. From here on it’s just another big cap
 
KGTrader4 said:
I owned AMZN, sold it back in April at 143, after it broke support. I sold it strictly based on technicals.
But from a fundamental, long term perspective, I think, AMZN will do ok, meaning, you might as well buy SPY. In this case, Minervini is right. The easy money in AMZN has been made. From here on it’s just another big cap
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Back then it was already down a little more than -20% from ATH and had recently been down in the mid $130's.

Anyway I see a chance of a short term counter-trend pop ATM.
 
SunTrader said:
Back then it was already down a little more than -20% from ATH and had recently been down in the mid $130's.

Anyway I see a chance of a short term counter-trend pop ATM.
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yeah I lost a few bucks on it. Actually bought a number of years ago and then sold, made a bunch. But like an idiot bought back half on a drop, then sold that half at the $143 price (split adjusted), lost a few on that.
Not trying any counter trend rally trades right now. Let the election pass and things settle.
 
KGTrader4 said:
yeah I lost a few bucks on it. Actually bought a number of years ago and then sold, made a bunch. But like an idiot bought back half on a drop, then sold that half at the $143 price (split adjusted), lost a few on that.
Not trying any counter trend rally trades right now. Let the election pass and things settle.
More...
Oh what I'm looking at can prolly wait a day or two. TSLA and NFLX as well.

But I don't believe overall downtrend is over at all.
 
Finishing off this trade for now...I did a covered call for the Jan 23 $100. I got $3.60 ($360.) for the option...Just to generate some income. Yeah, I know I'm down. I just put trades out there, if people want to look...


PS Two other covered calls I did today, won't give details...Citi (C) & Teledyne (TDY).
 
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