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
x
Monday, September 13, 2010
Bookkeeping: Selling Last Tranche of Amazon.com (AMZN)
Posted by
Mark
at
10:43 AM
Bookkeeping: Selling Last Tranche of Amazon.com (AMZN)
2010-09-13T10:43:00-04:00
Mark
Amazon.com|
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Labels: Amazon.com
Bookkeeping: Selling Last Tranche of Amazon.com (AMZN)
2010-09-13T10:43:00-04:00
Mark
Amazon.com|
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