Into “The Amazon”

May 02, 2024

Did you breath a sigh of relief with todays market rally? If you are long stocks today was a welcome relief from the volatility at the close of the previous 2 trading days. One stock that I am long in is AMZN. I have been for years. I also day trade it often with Options. Regardless of your trading / investing style todays 3.20% gain was welcomed.

AMZN has had one heck of a run back up from the start of 2023 when it was trading around $80.00 per share. And it recently just pulled up out the 2nd pullback from this trends long run up. There’s not a lot of consolidation here but there are signs of continued strength. Options traders are entering into it for the JUN 21 Expiration. And on a much shorter time frame ( our original chart is a 5 year using Weekly bars ) the 2 hour chart is showing stability for short term traders. As you can see the old Resistance is now the new Support. A strong lift from this area would be welcomed.

AAPL just reported, they didn’t just beat, they smashed and shares are now at $184.00 a share.

Invest wisely, live charitably and be well

Brother Bill

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