Amazon.com, Inc. (NASDAQ:AMZN) needed just a small boost to trigger a new all-time intraday high of $726.43 on Wednesday — a day after AMZN stock did the same by touching $724.23 momentarily.
Click to Enlarge Amazon shares weren’t moving on any substantial news — Jeff Bezos was making headlines by discussing artificial intelligence, the Gawker-Thiel battle and other topics at Tuesday’s Code Conference.
In fact, the move was coming on relatively weak volume, with AMZN shares on pace to trade fewer than the 4.41 million that exchange hands on a daily basis.
AMZN finds itself on a run totaling more than 50% out of its (and the broader market’s) early February trench, which included a death cross in March followed by a golden cross less than a month later. Since then, Amazon shares have simply stayed above their moving averages, only coming down to test the 20-day MA just once.
Shares are naturally looking toppy, with the Relative Strength Index (RSI) near 70 and shares looking ready to scrawl out a handle now that prices are well past late 2015 highs.
One could point out the forward price-to-earnings ratio of more than 70 and the trailing P/E of nearly 300, but that hasn’t really meant much to AMZN stock in the past.
At today’s high-water mark, Amazon had a market cap of $346 billion, putting it ahead of Facebook Inc (FB).
