Amazon tripped a buy signal on the daily chart last Wednesday, but the stock looked liked it needed more consolidation before embarking on a follow-through leg resembling the steep one traced out earlier this month. Now buyers are just shy of tripping a second buy signal that could serve our goal of getting long with relatively little risk. The entry trigger lies at 329.64, but I’ll hold off on providing detailed instructions, since I’d prefer to use camouflage and call options to get aboard. For timely guidance, stay tuned to the chat room today. ______ UPDATE (6:59 p.m.): Based on a signal disseminated in the chat room intraday, subscribers bought four 350-strike calls that expire on July 3 for an average of around 0.47. AMZN’s subsequent plunge cut them by a third, but our reason for buying them — a rally target just above $350 that looked like a good bet to be reached before Independence Day — remains intact. While a fall below 320.41 would invalidate the target itself, the bigger picture will remain bullish down to 290.37. _______ UPDATE (June 26, 12:02 a.m. ET): Yesterday’s action was constructive, but AMZN will have to catch fire to warm up our call options and reach the 357.30 target shown by next Friday. We hold them as an effective straddle against puts in DIA. _______ UPDATE (9:26 p.m. EDT): Thursday’s dipsy-doodle price action sucked the air out of expiring weekly options, although ours will still have a fighting chance if AMZN can get off the launcher today. _______ UPDATE (June 30, 1:45 a.m. ET): AMZN manifestly did NOT get off the launcher Friday, rendering half of our straddle brain-dead. We still have a horse in the race, however, by way of the DIA 166 puts we hold.
