Yesterday was a doozy of a day for buyers of Amazon. First the stock rallied and closed out the day at $635.35 for a gain of $52 (8.91%) in regular trading hours. Great day, right?
After the close, Amazon.com, Inc. (NASDAQ:AMZN) released its Q4 earnings which were a big market surprise. In a matter of minutes, Amazon dropped over 13%, closing at $550 in after-hours trading. That is a swing of $85.00 or over 20% in one day!
I outlined on Wednesday that I was neutral on Amazon as the weekly and monthly Trade Triangles were in conflict. When you see a conflict between the weekly and monthly Trade Triangles, it indicates a sidelines position for the stock.
It's the end of the week, end of the month and it's time to talk about the January barometer. Continue reading "Things Got Pretty Ugly For Amazon (NASDAQ:AMZN) Yesterday"