Ricks Picks header image

AMZN – Amazon (Last:1753.11)

As predicted, AMZN easily recouped losses incurred during last week’s shakedown on earnings news. DaBoyz used the dog-bites-man story of the month — Same-Day Deliveries Crimp Profits! — as an opportunity to steal shares from widows and pensioners at fire-sale prices. The trampoline bounce that ensued has tripped a theoretical buy signal at the green line (1773.79) and put p2=1862.52 in play as a minimum upside objective for the near term.  The target looks like it’s in-the-bag, but call options are too juiced to offer much edge. _______ UPDATE (Nov 5, 5;35 p.m. EST): A so-far mellow correction off Monday’s 1815 high looks bound for p=1796.88, or 1787.25 if any lower  (60-minute, a= 1813.25 on 11/5 at 6:00 a.m.). _______ UPDATE (Nov 6, 11:04 p.m.): The selloff reversed from 1788.58, just $1.33 from the correction target given above. The first rally resistance lies at 1803.45 (5-min, A= 1785.52 on 11/1 at 3:05 p.m.) _______ UPDATE (Nov 7, 8:46 a.m.): DaBoyz gapped AMZN past p=1803.45 on zero volume at 5:00 a.m. Nice work, guys. This means D=1818.12 is, like, 99% likely to be reached, probably sooner rather than later. ______ UPDATE (Nov 11, 9:28 p.m.): If AMZN continues to fall, you can use this 1754.35 target to bottom-fish._______ UPDATE (Nov 12, 8:08 p.m.): This morning’s feint higher turned the hourly chart bullish, but not very. Look for more upside now to 1781.32, or to 1790.73 if any higher. ______ UPDATE (Nov 13): The stock has gotten boring and no one has mentioned it in the chat room, so I’ll be removing it from the home page for a spell.