This market just cracks me up. It is taking me some time to figure out the new patterns but I am slowly getting there. I got a bit tossed around making a relative strength play in JPM on the open and boy did I get destroyed. Well played algos, well played.<\/p>\n
On a positive note though, AMZN provided a great opportunity today. I have been trading AMZN from the long side for the last 15 points and somehow have been losing money consistently. How is that possible I wonder. Those dope algorithms are just that good. However, today I noticed the buying pattern was different. The market (SPYs) failed to break with volume above 112 and AMZN put a lower high on a 5 minute chart. The party was on.<\/p>\n
The trade was hard as usual while above 144.5. At 12:05pm the stock even dropped the level and was met by the buy the broken stock program. I was getting ready to play the shark tank song on my short but had to put it on hold for another 30 minutes; I was not getting shaken out of my trade. There was just way too much upside on my short. The stock is a bit overbought AND I got Cramer chirping it going to 230 last night – can you say temporary top? But then the sucker got weak after failing to lift 145. 144.4 came down to unleash the fury and the party was really just getting started. It was like the pregame to our holiday party – which by way is starting in about 45 minutes. \ud83d\ude42<\/p>\n
Keep an eye on it for tomorrow. The market is giving us a few clues that we are putting a temporary top. Failed break out at 112, GS market leader is well off its highs (remember this one was way off its lows in March when the market bottomed). Wouldn’t be shocked if we gap down a bit tomorrow and fail to rally. Definitely want to keep a short bias in AMZN until firmly above 144.5. Would look to short into a pop to 142.5 tomorrow. I am off to get my drink on. Happy times and happy trading. Gmonkey out<\/p>\n","protected":false},"excerpt":{"rendered":"