Amazon “Is” Retail

AMZN aftermarket quote

The market was mixed to slightly green today. The big news came after the market closed, as AMZN reported an awesome number. It is currently up almost 75 points in aftermarket trading.  As a result, the QQQ has had a nice pop after hours.

Jeff Bezos is literally taking over the world and honestly, I think he is just getting started. XRT better beware.

Biotech still has some issues. Remember when CELG got destroyed the other day on a failed drug? Well, today it dropped another 20 points or 16% on crappy earnings and guidance. Regarding XBI, let’s hope that red uptrend line can hold, if it does, the rally can resume, if it doesn’t, we may be in for some short-term pain.

CELG is tagging support not seen since late 2015.  It will be a great buy at some point soon probably, but let the dust settle.

Watch the metals and mining group (XME).  Trump appears to be on a little bit of a roll again, and if the resumption of “The Trump Trade” gets legs it should propel the cyclical and industrial names to the upside, (industrial miners and manufacturers included).  Note that steel and these types of names are acting better.

We’ll see what Mr. Market has in store for us tomorrow.



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