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Thursday, December 27, 2007

Amazon.com, Inc (NASDAQ: AMZN)

Another swing trade

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Sold my NYSE:POT at 146.75 for a nice $18 gain. This market has no room for hope, and yet I am "hoping" that POT will pullback enough to give me another opportunity to swing it.

In the meantime, I took the proceeds and bought me some Amazon.com (NASDAQ:AMZN).

Today's intraday action in AMZN kind of reflects its daily chart. Here is the intraday chart from the past 5 days:


Here is AMZN's daily chart:


The important points that I get from the above charts:
- Amazon is in an uptrend in 2 different timeframes: the daily and the 15-min. intraday.
- Amazon displayed the same V-bottom pattern on both the daily (occurred last week) and the 15-min. chart (occurred about 1hr ago). This one was interesting to me, since I don't often come across the same pattern repeated so clearly obvious on two different timeframes.
- Amazon is in a period of seasonal strength.

Anyways, I was watching it in the morning, and when QQQQ decided to stop going down, I bought AMZN @94.3, initial stop @93.8, initial target=95.5, but will re-evaluate at that price level.

2 comments:

Tyro said...

Nicely done! You and Ugly are making me quite jealous. Hope you keep it coming in the new year.

Phileo said...

Hey Tyro,

Thanks! It will be hard to match Ugly's performance, but hey, go big or go home, right?