I shorted AMZN at 129.85 and I am using a mental stop loss at 130.40. I have no chart points or chart reasons for selling it here, but the $130 is a minor psychological level and I think the indexes will head lower. As such, it is worth a short. I am only doing 100 shares.
lucky, why do you think amzn is so strong today ? because of their expansion into asia ? the longs are not selling, i noticed some big lot sells and buys, but nothing continues after each sell.
because they are high flyers who drops last ?
Covered my short at 129.95. Loss on the trade of $10 per 100 shares plus commissions.
I will look to try shorting again tomorrow, but would like to see what the indexes are doing before re-attempting a short.
The indexes had an uneventful day, as far as the close is concerned. Nothing, but absolutely nothing was decided today. The only thing that can be said about today is that the bullish momentum waned.
It is possible that the DOW will get up to the top of the probable trading range of a major level which is 10300. Major levels such as 10,000 is, often have trading ranges between 9700 and 10300. Much like what happened at 9700 a week ago, could happen now at 10300, in the opposite way.
The SPX closed unchanged today, so nothing was accomplished either way.
getting close to the 50 % retracement from the March lows to the all time highs in the Dow and S&P as well, with kinky PE stocks, with no dividends, and big insider selling leading the way. Go figure. Fed provides easy liquidity conditions, run into the kinkest stocks you can find.