Friday, July 23, 2010

Bookkeeping: Short (AMZN)

First let me say bravo to the dip buyers - a heck of a performance today on (AMZN).  Now that's a rebound.

That said, the stock has run into resistance again and I have almost no hedges on so this is as good as any.  I will short here in the mid $117s (2.5% allocation) and give it about a 3.5% leeway before stopping out.  The story here after today will have little to do with Amazon and everything to do with the market.  If "risk is on" next week the S&P 500 will blow through resistance higher and almost every stock on earth will rally... or vice versa.  Wax on. Wax off. Risk on. Risk off.

Short in fund; no personal position

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