New Trade: Short AMZN
You must think it’s stupid to short a) at “bottom”; b) right before earnings. I like living on the edge, I guess, but it felt so good to short [[AMZN]]. I expect to make 50% on this long-term or $5 in the short term.
Huge institutional ownership (which is a negative, they can do what they want with it), but a couple of them started unloading shares. After just 20 million shares sold it’s down $20. There’s more to come, I’m sure.
I realize it may go up from here, but in the long run it must go down; valuation is out of whack for the current market. I will try not to flip-flop on this one.
Feast your eyes on the 50/200 cross.
Kat,
I use AMZN all the time when I buy books, I find them excellent.
As to their stock, I’ll have a squizzy at their statements for “earnings”
Should the market rally, watch out on this one.
jog on
duc
There can be only one! [flip-flopper]
Duc,
I’m a dedicated AMZN user myself. Love them! Just think the stock has to be cheaper.
Prepared for a drawdown, I have a v. small position. Have really no intention to add, but may if it goes up more then … mmm…. 15%.
Same thing with Whole Foods – I shop there as well, but buy their stock? Not so fast.
P.S. I wish I had stuck with my FSLR “conviction short”. Shorted it in $280s and $260s. It’s now at $140, and still too expensive. I’m convinced with AMZN, should stick with it.
P.P.S. Oh I do my share of flip flopping, then slapping myself.
Kat,
Yes, that FSLR was an excellent position, but volatility was brutal.
The same might be said of the AMZN
The volatility is going to be the testing factor [as always]
With regard to your Flip-Flopping, you simply require a subscription to PPT, and your symptoms will resolve.
jog on
duc