Amazon, a Key Bellwether, Looks Sick

by Rick Ackerman

Although the latest E-Mini S&P tout is faintly bullish, our most important bellwether stock, Amazon, looks like it’s fixing to dive.

We should keep a close eye on both as Thursday’s session evolves, since one or the other is going to prevail. The E-Minis would become a juicy short if they go just a little higher, but there are no guarantees we’ll have the chance. In the meantime, DaBoyz were struggling late Wednesday night to make index futures look buoyant.

This suggests they are more interested in unloading inventory than in triggering off a short squeeze by exhausting sellers ahead of the opening bell.

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