We are now reaching "egregious" on the overbought scale for many of the leadership stocks. For example in terms of relative strength, Amazon.com (AMZN) has not been this overbought since the silly holiday season of Nov/Dec 2009 ... when light volume Thanksgiving and Christmas trading leads to much nonsense.
I've sold Amazon.com in 3 tranches, with today being the last at just under 1% exposure... I will retain a 0.1% stake.
If they gap the market up tomorrow on whatever premarket economic report, I'll begin shorting aggressively as I am seeing "egregious" in quite a few spots now.
Long Amazon.com in fund; no personal position
Monday, September 13, 2010
Bookkeeping: Selling Last Tranche of Amazon.com (AMZN)
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows