A rising AMZN raises all ships

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STOP BUYING ALTCOINS!

Now that I have your attention, I want to invite you to my special seminar tomorrow morning at 11:30 AM, where I’ll explain why the ever-popular “altcoins” in the cryptoverse are an unnecessary risk!

But I won’t stop there: I’ll show you the higher probability strategy I’ll be pursuing and give you a chance to trade it with me!

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Well, if you’re wondering whether one stock can pick up the entire market, you’re gonna get your answer this morning.

Last night, on the back of a strong earnings call, Amazon (AMZN) shot way higher in after-market trading.

Ever seen a stock climb $500 in a single candlestick?

That’s pretty much what we’re looking at!

So congratulations if you’re a long-term Amazon holder, or had some call trades on the books.

But for everybody else, what does this really mean?

Well, the truth is, AMZN is one of those companies that is SO big, they can pull the whole market along with them.

Yesterday, all three major indices sank lower, and the Nasdaq tech sector got hit especially hard, partially because Amazon sold off during the day.

But you can be certain that the Nasdaq will open way higher based on this news.

The only question that remains to be answered is how long that high will last.

This continues an interesting trend we’ve seen throughout earnings season, though.

With a few notable exceptions (we all saw what happened to Netflix and Facebook), companies have largely reported positive earnings.

And yet the markets have stayed fairly choppy, mostly on the bearish side with a few big recovery days strewn inbetween.

It’s an interesting climate.

But it’s just another reminder to leave the fundamentals behind and trade the only reliable indicators there are: technicals.

You can never guess how the thousands of people that make up the market will collectively react to a headline that has or hasn’t happened yet.

But you can always know where the next fib retracement level is.

Are they 100% accurate? No, of course not. But I’ll bet my track record beats Squawk Box’s. That’s for sure.

Hope you have a good Friday,

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Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.

A rising AMZN raises all ships

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