The 629 rally target projected here two months ago, when AMZN was trading for around 532, turns out to have been too conservative. In after-hours trading Thursday evening, the stock has taken a $71 leap to a so-far high of 635. So much for the supposed collective omniscience of investors. The 12.6% gain comes on the heels of stage-managed weakness earlier in the week that maneuvered the stock down from 579 to 553. Anyone the least bit familiar with Amazon’s earnings history would have recognized the selloff as a bear trap. Amazon is, after all, a company that is slowly reshaping the retail world to its increasing advantage. Even so, any stock that can jump $71 points in the blink of an eye, as AMZN has done tonight, is manifestly attracting more than a few shorts. They’re sucking wind now. Perhaps in three months, when Q4 earnings are about to be released, they’ll know better.
