Amazon has skyrocketed, taking the S&P with it. But what has Amazon done in the past in these overbought situations right before earnings? Every time the RSI has been at this level in the past couple years, the stock has corrected when the earnings came out. Granted, it has rallied back extremely well every time. I expect a dip this time for sure, especially considering the speed at which it has taken off. Historically, this is a pretty good bet to "buy the dip" if a correction does come. Short for now. Long after correction.
No, I do not have a price target. The market inconsistencies make it nearly impossible to determine how people will react to any sort of news (ie 26m people unemployed, global oil crisis, S&P gaining like crazy).
No, I do not have a price target. The market inconsistencies make it nearly impossible to determine how people will react to any sort of news (ie 26m people unemployed, global oil crisis, S&P gaining like crazy).