Continue reading...Today is Monday December 27th and the US is open. Many would say, "oh, what’s the point, the action will be thin and the pickings, if any, hard." Well, in my experience, that approach is mistaken. 36 minutes before the market even opened today, I read this story:
"Amazon.com, Inc. (AMZN) said Monday the 2004 Holiday season was its "best ever", with the online retailer setting a record of more than 2.8 million units ordered in a single-day, or 32 items per second worldwide. The Seattle-based company said consumer electronics sales was its largest sales category."
Again many would say, "oh, the news will be in the price so it’s pointless" This is also just plain wrong a lot of the time.
I have traded AMZN three times today, all profitably. On the second trade I did a screen shot of the entry and the exit.
As you can see, price had formed a tight consolidation – the bulls and the bears were apparently equal. Actually...