I’ve renewed my focus on AMZN as a crucial bellwether for the bull market, since the retailer’s shares seem likely to remain feisty up until the moment their rabid sponsors keel over dead from exhaustion. The stock was on course to end the week in a downtrend. It’s been a month since that occurred, and although the selloff was quickly recouped, it might be different this time because of the huge hit that Netflix and Facebook shares took recently on earnings disappointments. Without the fearless (if not to say heedless) leadership of the lunatic-powered FAANG stocks, the broad averages are unlikely to make significant headway, even if the Dow Industrials are still able to eke out a gain. This can go on for a short while simply because portfolio-managing chimpanzees have to do something with all that money. However, we shouldn’t count too heavily on America’s industrial sector to make up in animal spirits what the FAANGs have lost.
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