amzn update 04-23

I last commented on AMZN in early April: http://swingcycles.blogspot.com/2011/04/amzn-update-04-04.html .  I said it should move up the first 3 weeks of April and pull back.  It pretty much followed that script, pulled back a bit earlier than expected.

Now AMZN is moving up again and it appears it should continue up for another 6-7 trading days, but a good part of the upside gain may already be in the bag (another 3 points or so of upside?).   Best guess is there is no big surprise or breakout when earnings are reported Tuesday.  I am projecting a top around May 3.

Here is a visual:

GL traders.  Do your own analysis.  Earnings can always surprise - so be careful.  You got to wonder about AMZN "cloud" problems which they have visions of expanding to 50% of their business....

04-27 - earnings miss, revenues looked good.  AMZN has now hit my upside targets and a top looks imminent within 3-4 trading days.