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.