We saw some historic new highs this past week, particularly in in the Nasdaq Composite which blew out to new all time highs on the heels of huge moves in AMZN and NFLX.
It was a huge week for earnings. As is ever the case in economics, its a winner-take-all situation. Once a stock exceeds its expected move into earnings, its off to the races as those positioned against the move rush in to cover their short positions. And we saw text moves in AMZN and NFLX the prior week.
As for Facebook, it was a pretty tame affair, and the option sellers made out nicely on that trade. Speaking of Facebook, notice how well the Fiblines have been containing the price action. I'm still long the shares and in it for the long haul.As for AMZN, it blew through the 423% red line at 412.94 and ran up to 445. That provides and opportunity to recalculate the Fib lines for AMZN. But I'm not in a hurry to do that since I expect the price will return to the point of the breakout before advancing further.
The company did report a profit and estimates for future earnings are looking promising. But this company does not have a history of growing earnings, so I'll believe it when I see it.
Nearly any way you look at it, its been a fantastic environment to grow your wealth in the stock market.
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Good trading and have a great week.
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