Bear Market Momentum Stocks: Amazon (AMZN)
Click to Enlarge The unveiling of the new Fire TV set-top box and reports that the company is prepping the launch of a new glasses-free 3D smartphone later this year hasn’t been able to stem the slide in Amazon (AMZN) as investors lose faith in the growth first, profits later strategy of the Seattle-based online retail behemoth.
AMZN stock is down nearly 22% from its January high, and has fallen dramatically from the head fake rebound seen in February and early March. From the March high alone, AMZN is down 16.8%.
In mid-March, I recommended the April $350 AMZN puts to my Edge Letter Pro clients, a position we just closed for a gain of nearly 340% — which goes to show you how lucrative betting against the herd can be when the panicked exits begin.