Questions Remain for Amazon.com, Inc. (NASDAQ: AMZN) Says Market Timer Frank Kollar
July 24, 2008 (FinancialWire) (By Frank Kollar)
Shares of Amazon.com, Inc. (NASDAQ: AMZN) surged almost 4% on Wednesday, July 23 as traders bet on a better-than-expected earnings report. After the close Amazon.com posted earnings that beat analyst’s expectations and shares initially rallied. Most of the after-hours gains appear to have dissolved as we post this report however.
Traders need to watch two resistance levels in Thursday’s trading. The 50% retracement level at $73.87 (briefly surpassed in after-hours trading) and the critical Fib 61.8% resistance level at $76.48.
Considering Amazon.com’s weakness of late, we would be hesitant to enter a bullish trade until critical resistance at $76.48 is surpassed. If Amazon.com can close above that support level, a bullish trade would be called for with appropriate sell-stop
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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