Amazon.comShort
AMZN
AMZN formed a double top starting in July of 21 and confirming in November of 21 with a break in January of 2022. Since then we have confirmed on the weekly chart a down trend under key 30 and 40 period averages on the weekly. Typical of bear market rallies there was a 44% rally in price from the lows of June 2022 to August of 2022 when prices hit the moving average and prior support now resistance and rejected sharply to the downside wiping out pretty much all of these "gainz". Personally I would not want exposure to the market at all. I have been opting for the shortest possible maturity treasuries (i.e. cash) and keep rolling that till opportunities look better. I have had this positioning since November of 21. Only recently have I made any moves and the exposure I have been taking has been on the short side via put contacts taken during rallies, my opinion is prices will continue to decline.
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