Amazon AMZN Chart Apr 25

Bycjrosen

With so many charts showing ‘euphoric’ gap patterns (often based on earnings releases/momentum), I couldn’t pass up posting today’s action in Amazon (AMZN) which increased 27% in one day!

amzn-apr-25.png

By the way, the Nasdaq made a fresh 6 year high and the Dow closed comfortably above 13,000, making yet another all-time closing high. Headlines and statements like this are becoming more common and are less exciting to the general public.

I’ve said it every time I close a market post – do not attempt to short creeping uptrends in the market. Creeping uptrends continue because of various reasons, one being short-covering.   Leave it to the professionals. Either go long or stay out when the market is making new highs.  Wait for the market to tip its hand before attempting a short, otherwise you attempt to buck the trend.

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