A 221-point rally has failed to surpass any significant ‘external’ highs, suggesting that AMZN will need some help to trigger off the next short-covering panic. I’ve implied elsewhere on the page that it will likely come from AAPL, which, at around $200 a share, is capable of attracting buyers besides those with tens of billions of OPM to throw at the stock market. Look for some grunt-and-groan buying early in the week to hoist this behemoth above the 1698 peak shown. The pullback thereafter will be an accumulation that we may be able to leverage ahead of the next squeeze. Note, however, that just a little weakness on Sunday night/Monday morning would trip a ‘counterintuitive’ sell signal at 1641.92 on the hourly chart (where a=1698.46 on 10/26; and p=1586.39 as a minimum downside target that could be bottom-fished with a tight stop-loss). _______ UPDATE (Nov 5, 5:52 p.m.): Seller tripped the CI short, although no subscribers reported doing the trade. For now, use this pattern, with a minimum downside target of 1538.22, to guide you.______ UPDATE (Nov 7, 10:58 a.m.): AMZN is once again firmly in the hands of its sponsors, bound for at least 1809.80. (60-min, A=1484.00 on 10/30). We will watch it closely nonetheless, since a failure to hit the target with relative ease would add weight to the possibility that the stock market’s long bull market is over.
