Yes, we’re aware that the institutional whack-jobs who have powered this bull market to record highs have been loading up on defensive stocks, particularly the shares of purveyors of consumer staples and healthcare products. But when the shares of world-beating retailers like Amazon can no longer head-butt their way past midpoint resistance (see chart), perhaps the scaredy-cat factor is worth worrying about.  We’re prepared to relax if AMZN gets second wind off a lower point C. As things stand, however, the stock is in a prolonged dirge that would seem to hold negative implications for the economy as a whole.