I’m going to get to the point with you today! I told you last time that AMZN was looking good, didn’t I? There is NO excuse!
Here’s what I said last time:
AMZN (from my 7th September blog / email)
Getting near its recent highs and the OVI is unmistakeably positive. I’ve said for a long time how I like AMZN as a business.
This was a classic example that I’ll explain more in a moment. But if you’re not already using the OVI, then you really should be! This indicator has the power to transform your stock trading. I gave you this opportunity with AMZN back on the 7th September! You had well over a week to monitor and prepare for it! Let’s go through it step-by-step.
My private group know I’ve been a fan of AMZN for some time, and last week it came up trumps again. In the midst of a pretty good week for the markets AMZN was heading up towards its July highs.
In the meantime, its OVI had been positive from just a couple of days within its August lows, giving us over THREE WEEKS to monitor the stock’s progress as it approached resistance.
On Friday it ripped through resistance by 10 big points. A number of my private group have emailed me to pat themselves on the back and reinforce the power of patience.
Even in a turbulent market, opportunity is never far away.
AMZN (pre breakout)
This is about as easy as it gets.
AMZN (breakout)
This is about as easy as it gets.
Now, what about the indices?
SPY
A good week for the S&P but the OVI is still negative. Last night the futures were down 20 points at one stage. Still seems to be uncertainty in the broader markets.
QQQ
As I mentioned last time, the QQQ’s OVI is a bit up-and-down right now, as it has been for the last couple of months. This reflects the uncertainty in the markets.
DIA
As per last time, even the normally buoyant DIA OVI can’t get excited still.
More to follow this week.
All the best
Guy