Towntarget
I think somehow my early reply didn't get posted here.
So here I go again.
I'm sorry if I offended you.
I was in pretty bad mood,
And I think AMZN will hit 60-65 in short period time.
I just don't like investing by looking at the chart (because it doesn't make any sense, when AMZN were skyrocketing due to short squeeze and momentum plays), but I believe this situation is definitely overbought and they are due to some serious correction. People were comparing this stock to PRST, but I would like to look this stock as the way IOM was doing about 2 yrs ago.
CNBC has been reported this stock frequently to their viewers(I think they used to have about 500,000 subscribers watching each hours, but don't know how many now), and it tends to draw more attentions to this stock, Of course, when they are saying AMZN has been up 5-15% per day for 2 weeks, then it tends to push many small investors to buy into this AMZN. I mean, why wouldn't they? This is the same situation when we were having some big rally in Internet stocks about 3 months ago. XCIT, YHOO, LCOS, AMAN, even SEEK were going up 5-10 % per day for a while, after YHOO reported much better than earnings. But that frenzy rally had turned into a nightmare, after XCIT came out with not that surprising number. I think we are in pretty similiar situation, AMZN might go up more and stay around 80-90 level, but I doubt it. If we get any kinda click points from anyone, (it might be downgraded from major brokerages, news that insiders are selling heavy, some negative news from news medias, or disappointing earings from any Internet co.) it won't be pretty.
And here are some of my and my clients inventories
600 shares at 69 1/2
500 shares at 75 1/2
600 shares at 85 3/8
and some more, these numbers are not 100% correct, I don't quite remember the exact prices.
and about 150 July 60 and 70 puts
Good luck to you, and good investing!
andrew
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