AMZN has been a useful bellwether in the past, and that’s why it may be worthwhile to revisit the stock now, with the stock market falling hard. If it is going to lead a turn in the Nasdaq index, and perhaps the broad averages, we should see this occur at the red line, a midpoint Hidden Pivot support at 757.57 that lies just a few dollars beneath Friday’s low. It can be bottom-fished with a 757.61 bid and a stop-loss as tight as 12 cents, but if the stop gets hit, that would imply more weakness to as low as 746.99. That number can be bottom-fished as well, but if you’d prefer to use options, try calls expiring on Sep 16 with a strike price distant enough for the options to be selling for less than $3. Dump the position if the trade for 0.20-0.25 less than you paid for them.______ UPDATE (September 13, 9:55 a.m. EDT): No one has mentioned AMZN in the chat room, so I’ve retired this tout to the archive.
