Daily and weekly updates of targeted stocks that may see short term price gains. Plus, updates on current economic issues that may affect the stock market.
Monday, May 21, 2007
Amazon breaks out of tight 3 weeks formation
Amazon broke out today on heavy volume. I am adding to my positions here. I am playing the July $65 strike calls. I anticipate that this will be a strong move. Market is doing very well at the moment and the liquidity in this market is tremendous! Where it stops? Nobody knows but there is a lot of skepticism in this market still. They say, "this market cannot go on, it is completely irrational, it just can't be doing this!". I agree, but the difference for me is that I don't argue with the tape. This market action is some of the strongest that I have seen and I have been trading since 1995. What does all of this mean? I don't care. We will know the exact stimulus for the market action later in the history books. I choose to focus on what really matters as a trader, profits and protection of capital.
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