We’re staying close to AMZN because it can tell us everything we need to know about the bull market, its institutional sponsors and their exact state of mind at any given moment On Tuesday, the Masters of the Universe ran ’em up shorts’ ol’ wazoo, goosing the stock $62 above the previous day’s lows. This has of course improved the odds of a finishing stroke to the 1639.19 target shown. I hadn’t given up on it, but last week’s plunge seemed to put it out of easy reach; now, it’s just one middling short-squeeze away. The broad averages will be unable to fall if this occurs. However, we won’t allow ourselves to get caught up in AMZN’s ebullience, since the stampede could easily end at 1639.19, a clear and compelling Hidden Pivot resistance. I’ll suggest buying a few out-of-the-money puts with a week or two left on them if and when AMZN gets there, but treat this as a speculation, wagering no more than you can afford to lose painlessly. In the meantime, I’ll keep a close eye on the lesser charts, since I’d hate for us to be caught unprepared if the stock turns lower, possibly headed to Hell, without having achieved such a riveting target.
Rick’s Picks trading ‘touts’ are for educational purposes only. Past performance is no guarantee of future performance. (See full disclaimer at https://www.rickackerman.com/)
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