IvanLabrie

$AMZN: Topped long term, short it

Short
NASDAQ:AMZN   Amazon.com, Inc
I'm short $AMZN from here, I had briefly ridden a daily down trend signal before, but now we have a massive monthly topping pattern kicking in. I think it is a good market hedge, and might be a great long term pair trade to short it against energy longs as the ultimate reopening/end of the stay at home bubble trade. Bezos leaving was the kiss of death, antitrust risk is massive for the company, I can see this become a lengthy and very painful decline for shareholders. Better abandon ship ASAP .
This might be the canary in the gold mine for FANG as well, the rally since 2009 lows is likely over and we can expect a 2000-2012 style move again. Lots of pain for hodlers, don't be left holding Bezos' bag here.

Best of luck,

Ivan Labrie.
Comment: First target reached, I believe this has legs but will take Herculean discipline to hold.
Comment: I took profits in my bear put spread up 3.37% in a few days, my short stock position is up 1.7R, I'll hodl that one, will try to reenter puts after a consolidation or retracement here.
Trade active: Going short again...
Comment: I had sent updates via Twitter but not here, had covered the short in profit for 1.7% gain and reshorted higher for more gains...Proceeds were 5.4% total so far.
Comment:
Comment:
Comment: Likely screwed up covering earlier today...

If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.