Bookkeeping: Short Amazon.com (AMZN)

By IBTimes Staff Reporter | July 23 2010 3:24 PM

First let me say bravo to the dip buyers - a heck of a performance today on Amazon.com (AMZN). Now that's a rebound.

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That said, the stock has run into resistance again and I have almost no hedges on so this is as good as any. I will short here in the mid $117s (2.5% allocation) and give it about a 3.5% leeway before stopping out. The story here after today will have little to do with Amazon and everything to do with the market. If risk is on next week the S&P 500 will blow through resistance higher and almost every stock on earth will rally... or vice versa. Wax on. Wax off. Risk on. Risk off.