Looks like the Plunge Protection Team has stepped in for now......
The fact that this little bounce happened just as the market was rolling over was no accident. Plunge protection Team trying to change the Algos to get some relative strength buying. There is aero support for another 4.50 from here now so any bounce could disappear quickly if the Plunge Team pulls back. There is a gap at 218 but unless market falls apart it wont get there anytime soon. Too much Wall Street monely looking to do stock deals and financing for this cow...My bet is we have seen the low for today a Plunge Team trys to close this above 249.22
Yeah thats it. They stepped in to keep it from falling apart. alling apart. This is why if you short stocks like this or buy puts you have to take small profits all along the way because these Wall Street Sacred Cows die hard. There is no chart anywhere that says it bounces here but that step in they did about 1 hour ago changed the trading for today.
Everything comes in waves. They might take over the do-drum period, but the real action will pick up again between 3 to 4. The big picture is that AMZN is going down and going down harder and harder. What is to worry?
There is too much money available now with almost zero interest. However, the money will looking for the stocks with good dividend and corporate buyback. AMZN doesn't have money to do any of these two. Plus it has very high risk to go down a lot because its growth become smaller and smaller.