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Perhaps the most important earnings report of this entire week is from Amazon (AMZN, duh) which Ms. Sanchez has kindly agreed to illustrate in the form of a daily price chart. Please take careful note of the price level 114.49, which is a price gap that has served as a ceiling for many, many months. If we can stay below this level, that would be, shall we say, a good thing. I have NO position in this beast, but I will be watching after-hours action with great eagerness.
Gosh. 2.6 whole percentage points. Now I can see why everyone is falling all over themselves for just a taste of this action! Over the past half-year, the stock is up 200%.
Ever since yesterday afternoon, when META’s earnings came out and sent the stock blasting higher, I have been ruminating on a couple of big errors I made yesterday and how I got there. I’d like to talk about those, and we’ll begin with this chart of the /NQ, which shows, by way of 1-minute bars, the activity on the /NQ over the past twenty-four hours or so:
Well, if you notice some of my eyebrows being singed, it’s because of Facebook (META). I came into the day long some August puts, and, thanks for the company’s blow-out report, I dumped them for a not-very-tasty 40% loss. Incredibly (and perhaps foolishly), I am steadfastly hanging on to my QQQ puts for the moment, which expire tomorrow. We shall see! As for the NQ in general, in recent days we seem to be hammering out a clear series of lower lows and lower highs. It’s kind of all up to AMZN at this point, which reports after today’s close.
