NFLX fired the first shot, would AMZN follow? Likely Yes. As a choppy stock, AMZN may pull back to 3200 in the next 10 days before earnings. 3200 or lower would be a nice launchpad for a long play, with PCS 3200/3150 or Call Butterfly as wide as one can to tolerate the risk (100 is my plan). Not a recommendation.
AMZN is killing it with market share gains, incremental margin, and ad revenue; as are GOOGL MSFT & FB. Always invest in monopoly or riding the winner horses as long as it works. Valuation is secondary or far down below in this new market paradigm that we now know as zero interest rate, huge money printing, and growth are all it matters.