Amazon (AMZN) Finally Delivers!

For a year now, AMZN has been disappointing investors, not being able to produce a solid quarter.  Since reach above $400 in January 2014, AMZN stock has dropped down to below $285, and struggled to establish a base between about $285 and $300.

Today, Amazon told a different story, a positive one.  The company reported a profit of 45 cents a share vs. the analyst expectations of 18 cents a share.  At about 30 minutes before the market closed today, I sent out an message to my members that AMZN could see $340 after earnings:

Happy Trading Ecstatic Plays
AMZN could see $340 on positive earnings reaction
03:31 PM - January 29, 2015
• 7 hours ago • Premium content

After the market, AMZN shares vaulted up to $350!

Here's what I saw in the charts:

AMZN shares were shooting higher in the afternoon, rising above its daily MAs.  There was a soft resistance at about $315, but none after that until about $340.  After the earnings report was released, the stock quickly jumped to about $340, and ended just below $350.

I think traders will lock in profits tomorrow morning.  But, it's not hard to see a visit to $360 in the near-future.

(By the way, if you didn't see my post on NFLX, it is now back up to the top end of its trading range.  CLICK HERE to see the article.)

Good night and HappyTrading! ™

Posted to Ecstatic Plays on Jan 29, 2015 — 11:01 PM
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