Along with GOOG and MSFT, AMZN has gone ballistic in after-hours trading, fueled by strong sales and earnings that could have surprised only Wall Street’s vaunted analysts. At the moment, AMZN is trading for $1048, about $74 above Thursday’s closing price, after topping so far a whisker from the 1056.66 Hidden Pivot resistance shown in the chart. If buyers can exceed that number by more than $10 intraday or close above it for two consecutive days, that would put the 1181.56 target shown in play. Don’t bet against it. An interesting side note is that one could have sold at-the-money straddles with one day left on them for $40. It seemed like a great bet at the time, but the stock has demonstrated yet again why sometimes options that are priced “on the moon” can be a very dangerous short sale._______ UPDATE (Oct 29, 6:05 p.m.): AMZN blew past the 1056 pivot with such force on Friday that there should be little doubt that it will eventually achieve the 1181.56 target (click here for chart). A ‘mechanical’ buying opportunity could develop at either the red or the green line, so stay tuned to the chat room if you want to stay closely apprised in real time. You should also check ‘Email Notifications’ on your account page to receive email alerts about this and other timely events._______ UPDATE (Nov 13, 6:28 p.m.): This chart updates my guidance. A pullback to 1056.66 could spell opportunity.
