Amazon is going to 61. I dont need to explain further. Just read the stockcharts.com lessons on technical analysis and you'll see why. Opinions about valuation or if they have good products doesnt mean anything. I dont like the taste of Jones soda yet it seemed to triple in a few months of time.
Yeah, I was short KTEL, as I recall it was that day it went from like 6 to about 18, and I was short starting in the low 9's and up to high 11's, when there were no more short shares available at my brokerage. Went to bed with that thing like 8 points against me as it went vertical into the close. Then next morning it opened at like high 7's or so. I think I got out around 6.25 as I recall. It was brutal, what a dog that stock was...
I do not doubt that ultimately it will go to 61, but my point is simply that I think it will trade lower than yesterday's open before it continues its rise. While it is unusual for these candidates to trade above yesterday's high, it is by no means uncommon, and this behavior gives you the opportunity to adjust the short to a higher level, while still maintaining the same risk. It sometimes takes a day or two to die, but die it should, if only for a time.These are the johnny-come-latelies that didn't hear of the action yesterday, and once they have acted, it should not rise further. I am out on a limb I know given the apparent stock action, but this has been my experience. Hopefully the shorties adjusted on that morning spike and good luck to all, long or short.
I addressed this is another thread to you, but I'll raise it again - If you have no doubt that it is going to 61, wouldn't you be buying as many call options or outright stock as you could, even to the point of leveraging yourself heavily? These statements of absolute certainty you are making about the future are simply illogical. Amazon could rise, fall or stay near it's current levels. That's my prediction. Sorry I can't be as precise as you.
BLSH-- You and I both know the answer. Technicians are not traders, and without the critical component of time, the prediction is worthless. I will say as well that your last sentence makes it very hard to make coin as well... FWIW, I liked the way it fell through yesterday's high, and the action so far is consistent with my thinking. Volume needs to return to normal to drift down. Trade is in the green so all's good. I won't let it go red again from this point, however. Should be drifting down on the hourly chart now, not up... Any trade above 58.10 in my opinion is instant death for this trade. Also, it should be back into yesterday's range and I would think below yesterday's close by today's market close.
Out at BE more or less, and for me I hereby declare this trade dead, dead, dead. It is the exception in my opinion, not that that makes a shit difference. Wrong is wrong, and that's the bottom line. At least it has nice range to fix things. Now back to ER2..... Good luck to all!
You folks do not look at the big picture. You sit on a messageboard trying to convince yourself of your position stating that amazon is bad and what a great short it is. Well, thats not whats going to make the stock go your way. It doesnt matter what your opinion is and, yes sir, you are wrong. *WRONG* The formation on this chart is one of the most powerful ones there is. You go against a reverse head and shoulders then you find yourself on the way to the poorhouse. Keep shorting it, keep buying puts. Its your money. However, the chart tells me that you are wrong. Go on posting on elitetrader your grand thesis and in the end we will just fade you into oblivion. I see that Amazon is trading at 62.63 and I had previously stated it would go to 61. Now you tell me who was right and who was wrong. When I say something with certainty, I mean it. Im not just throwing some garbage up here.
1999 amzn to 100..... should close above 70 tomorrow, if everything is perfect tomorrow, which it will be. 18 up days out of 20.