Ooops, I had to close an AMZN long first,
At the fill it would be a 5.4% gain.
Switched around and opened anEquity short in AMZN.
With a 30 min negative divergence AMZN has a bit of a worse negative tone than the overall market so that is one reason I'd chose AMZN as a short to play some downdraft in the market, who knows if we get some snowball momentum.
"IF" AMZN shows strong accumulation in to a pullback (because this run looks a lot like short covering as there are no pullbacks), then I'd consider AMZN long again, but it has to show something above and beyond what the average is.
The 15 min chart, I'm not putting all of the negative charts, just enough to give you an idea.
On a 1 min chart the trend is clear as AMZN is more or less in a flat range, which is exactly where we look for institutional activity. The only thing missing is a head fake breakout above resistance, but that's really only 2 days of resistance, it may not be that obvious to make it worthwhile.
Is interest rates about to start going up?
-
Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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