Friday, January 15, 2010

Swing Trade Aborted - Amazon.com, Inc. (Public, NASDAQ:AMZN)

The AMZN swing trade was aborted in early trade. Weak retail sales data threatened a retest of the lows so I bailed with a profit rather than wait to be stopped out.

On the daily, I'm hoping for a breach of support so that more shorts get triggered, followed by bargain hunters piling in, leading to a short squeeze.

Today is OPEX. Early indications - JPM selling off on earnings, INTC giving back most of yesterday's AH gains - imply weakness.

4 comments:

Novice_trader said...

Just thought I'd point this out. I looked back at the last couple of mnths. AMZN tends to stay pretty low opt exp week and then bounce the following.

Jamie said...

Good Observation Novice_trader! I'm going to incorporate that into my trading plan. No support swing trades just prior to OPEX.

Thanks.

走吧 said...

Fancy may kill or cure...................................................

Novice_trader said...

Good move guys seeing where AMZN is now. Congratulations.