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Bought Amazon

Today I purchased stock in Amazon.  Everyone seems to hate it lately, which naturally draws me in.  I like it for several reasons, especially AWS and the untapped potential for advertising.

I also like Amazon’s chart:

  • it’s been forming a base for almost 5 months
  • it’s at the midpoint of a yearlong hook & barb pattern
  • the 200dma is rising
  • a key exponential moving average looks like a breakout

Having said that, the valuation is rich and profits slim.  So I’m taking a smaller position than normal, about 1% of total portfolio.  With markets near record highs, I’m more risk averse than usual.

FYI- my email server has been glitching…if you didn’t receive Monday’s ALERT, you can read it here:  This week’s setup for a Santa Claus Rally climax


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