The broad averages have routinely been ratcheting higher even when there is little buying enthusiasm evident. This is the kind of price action that shreds bears and traps bulls, and that’s why we should be on our guard even though I have somewhat higher targets outstanding for several key trading vehicles. Amazon is one of them and arguably the most important of the lot, and that’s why I track it closely. Currently the stock is in a modest retracement following a two-day recovery of last Friday’s sharp break. Although I have higher targets outstanding, I will be taking AMZN’s vital signs on the lesser charts more frequently than usual. Stay tuned to the chat room and my intraday updates if you want to keep closely apprised.
