AMZN broke out of a wide base (middle of the chart) early this morning. Often after putting in a high after that kind of run-up, a stock retraces 50% of the rally, then continues higher. AMZN pulled back and looked to be holding up very well near the 50% retracement level, so I bought it for a quick play. It rallied much more than I expected.
Earnings came out after the closing bell, however, and the stock was down as much as $20. As I've said many times in the past, earnings can go either way and I usually like to be flat heading into the report. In this particular case, I'm VERY glad to be flat AMZN. Yikes!
TIE had a sizeable give back after it broke out. These wedge patterns often are like that. Yesterday, it came on strong again. Today, it pulled back to the last Buy Signal at 18.70 basis the fibonacci RSI's, so I bought it. Upside targets on the chart still are IN PLAY.
AMZN gain: just under $1,200
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