3 things on this upgrade this morning:
(1) this is a rotation upgrade - meant to allow holders that want out some high-priced liquidity today, those who buy today will be bagholders (and short-coverers)
(2) Morgan Stanley is a key underwriter in Amazon debt - this is payback, and payforward for the soon new debt issuance
(3) Morgan has been wrong over and over on Amazon's numbers .. back Jan 2013 they predicted $133B in revenue for 2015 (and they placed a $325 target on that number). Based on current consensus of $107B, they are only off by ~ 25%, and yet the target is raised to $800. No shame.
massively overbought, and this upgrade is not driving volume - while there are no sellers yet (waiting for a top), there are no new buyers available .. only 1.5M shares in the first hour on a huge upgrade to $800. This type of exhaustion will results in a sell off back to Fibonacci levels .. I see 630 over next 4 weeks.