Amazon shares continued to recover with a sharp rally to follow Monday’s v-shaped bounce, but buyers stalled just a hair below the selloff’s gap-down opening price, 1702.25. There is going to be plenty of supply there, but we shouldn’t underestimate the ability of AMZN’s canny handlers to summon help getting past it from panic-stricken bears. Although I am skeptical that AMZN is headed to new all-time highs on this run-up, today’s chart features a very bullish possibility nonetheless in the form of an 1843.92 target. A theoretical buy signal for a move to that number was triggered on Tuesday, but I’ll go no further out on the limb than to mention that the 1745.12 midpoint pivot does not exactly look like an impossible dream from these levels. Just a little higher and it will become our minimum upside objective._______ UPDATE (June 27, 9:29 p.m.): Bulls will be licking their wounds when stocks open Thursday morning after getting sand-bagged by a short-squeeze opening today. The pattern shown, with a 1615.26 target, should be serviceable if you intend to trade this monster. _______ UPDATE (June 28, 4:36 p.m.): Bid 1.10 for two June 29 1685 puts, good for the first 20 minutes of the session. Be sure to check the chat room five minutes before the opening, since things could change. This is a highly speculative bet, so you should be prepared to kiss your $240 goodbye. Click here for the chart.
