Weakening Bear Effort Sets Up Amazon Move

Posted by Joe Duffy | Aug 15, 2023 | Joe Duffy's Trading Advantage | 0 |

Today played out about as I expected in the stock market; no real buyers, but the sellers have used a lot of ammunition to accomplish very little, so a relief rally is likely. The big cap stocks still look like they could take the market on another leg higher despite the second tier of important stocks that look to be faltering. The attached chart of Amazon looks attractive for a move above 145.

I would not be chasing the long side here, but not afraid to play it in selected issues like Amazon. If this market is going to roll over in any significant way, it’s not showing it yet, so be careful about getting too bearish. I think the market will be sideways to higher this week. I would buy the sharp breaks, exit on the sharp rallies. That’s all I have.

Thanks,

Joe

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Joe Duffy

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