We bought
Amazon.com (AMZN) for
a hopeful trade to the long side, and said the set up was very easy as the 20/50/200 day moving averages were all clustered and it popped back above those levels Friday. Well, we are now below all those levels so we are exiting right back out and taking a quick 2.5% loss for our trouble. It could reverse back up over and above imminently - it is always tricky to trade stocks around their moving averages, so we'll monitor it. This could go either way as the market is very volatile, but right now it just seems to trade 'with' the market - i.e. if the market is up, this will run, if not it will drop.
Usually we try to build positions and trade around a core stake but this was not a core position, just a trade.
Very few appealing charts out there; most that look good have had huge runs and need to come back and digest large gains. But the vast majority are simply oversold stocks rallying to resistance and then looking to fail...
No position
