Tuesday, 12 June 2012

Long AMZN (but only for a bit!)

Yes, I'm not proud of myself - I had a little punt on Amazon. I note the market was rising but AMZN was stuck and looking at the 10 minute chart I noted a nice little ascending triangle. I also noted that in a recent article Amazon is apparently one of the most heavily shorted hedge fund stocks. I checked the NASDAQ short interest web page and it still would take over 2 days to cover.
Of course when I clicked the buy button I was reminded of why I don't usually bet on this stock. An immediate 20 point spread. Nasty.

Still got very, very lucky and there was a quick breakout from the triangle on the long side so I booked my profit and swore not to touch Amazon again!

P/L 28.50

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