AMZN will go on technical drop starting tomorrow, and run down to $258
Amazon runs always last either 5 or 6 days, and on the run the strongest day is usually the last or 2nd to last day. In this run the volume trended down each day, meaning investors are not getting pulled into the rally - this one looks like pure manipulation. On these types of runs, the 6th or 7th day starts a profit taking decline on good volume than pulls back most of the run's gains. I would expect a 3-5 day move back down to $258 starting tomorrow.
I figured $270 is the absolute max that they could pump this up and sure enough we did got to 269.40 on the tape yesterday. I'll say next stop is $260 and lower. Market appeared to be reversing as well. I will not call a top but my guess is Europe GDP data did force some strength into the dollar which did seem to undermine our on going POMO.
The broad market PE is artificially higher than they all need to be thanks to uncle Ben. Reasoning won't work. Shorts can only play the swing tops along with the broad market while longs are drunk with their easy money. VIX creeps up half a point while the S&P and the Q's are making new highs. This is a sign buyers are putting on protections. You know what that means. Wing wing... ;-P