Wednesday, January 30, 2013

Early AMZN

This is why I said yesterday, wait for today, not the after hours trade. If you took a shot at AMZN this morning as a new short or add to you've already made 11 points and can pretty much call that a trade for the day and enjoy the rest of your day.

As far as what AMZN looks like in early trade, not much different than price.

 The daily chart with a good amount of volume for the first 30 minutes, more than the average daily.

 The 1 min chart with no early upside confirmation on the open.

The 2 min chart with no confirmation of the early upside whatsoever. In 15 minutes or so we can go out a little further, but it's these big early pops that are the hardest to short in to, but often offer the least risky entry as a stop can be put in just a few percent higher, although I'd use some version of ATR like the Trend Channel to determine such a stop. We'll keep an eye on this one.

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