AMZN – Amazon (Last:2002.38)

If there were any doubts about whether Jeff Bezos is the world’s richest man, Wednesday’s $67 surge in the price of Amazon stock should have dispelled them. As the owner of a reported 79 million shares, the rally will have added more than $5B to his net worth – not bad for a single day’s passive income.  I’d proffered a 1973.06 rally target here Tuesday night but had to raise it to 1995.24 intraday when the stock’s ascent went vertical. But now what? AMZN is currently trading $3 above the second number, strongly implying that it is headed even higher.  I have just two more targets to offer, both of them from the weekly chart, before I run out of Hidden Pivot ideas. They lie, respectively, at 2oo7.92, or 2038.67 if any higher (see inset).  A chat room denizen reported making money shorting near 1995.24 on Wednesday and could probably do it again at either of these new levels. But I’d suggest you review his posts before you assume it’ll be easy. _______ UPDATE (August 30, 5:15 p.m.): Today’s nutty lunge topped at 2025.57 — close but no cigar. We’ll continue to monitor AMZN’s progress toward the target, but we’ll also be on the alert for any impulsive downtrends that threaten to leave our target permanently unfulfilled.