Shares of Amazon (amzn) continue to rise in the face of more and more pessimistic views climbing on the company. Amazon got it right last quarter, something which surprised (short amzn) me and most on Wall Street. The shares today are 4% on what appears to be a technical break-out of their recent short-term trading range.
Insiders have been selling the shares recently in the face of a more than 40% stock advance in just a couple months. Shorts have had to cover their losses which is one of the main reasons why you are seeing such buying here at these levels. At some point the stock will come back down to earth. The company in my view has priced itself for perfection, and anything shy of that will crater the stock back, the shorts will rush to this stock.
Insiders have been selling the shares recently in the face of a more than 40% stock advance in just a couple months. Shorts have had to cover their losses which is one of the main reasons why you are seeing such buying here at these levels. At some point the stock will come back down to earth. The company in my view has priced itself for perfection, and anything shy of that will crater the stock back, the shorts will rush to this stock.
