Amazon will have fallen 14% from the record high recorded five weeks ago if it hits the 1694 target shown. Feeling just a touch of schadenfreude? We should be, since it’s high time portfolio managers got the stuffing knocked out of them for once in a rare change. Sitting on shares of this stock, and accumulating more of shares as they have risen, is what passes for genius these days on Wall Street. The steep dive of the last eight days serves to remind the erstwhile Masters of the Universe that even one-decision stocks like AMZN, NFLX and AAPL can sometimes turn on their masters. I am not meaning to imply DaBoyz have lost control, but they have almost surely had to eat more sell-at-the-market orders than they’d planned on when AMZN’s descent got off to a relatively gentle start on October 1. ______ UPDATE (Oct 11, 6:06 p.m.): The stock overshot the 1694 target given above by 9 points — not much, considering it had plummeted 348 points to get there. However, given the clean look of the pattern, that’s sufficient to imply that still lower prices impend. We’ll sit back and enjoy Friday’s show, but stay tuned to the chat room if you’re looking for intraday guidance.
