Amazon.com Runs Into Heavy Selling, Says Dr. Joe Duarte
Duarte added: Still, the story is attractive and makes the stock worth keeping an eye on. While the world has been worrying about the economic crisis, shares of Amazon.com have been moving quietly higher, and are now trading just below their 200-day moving average, the line that divides bull and bear markets.
And aside from relative strength, the message is pretty clear: this company has something that consumers are looking for during these difficult times. It's a classic story, to be sure, but one that seems to be playing well, that of shopping from home, clicking through a few pages in a few minutes, and buying something that you'll get in the mail for less than if you had to drive around and waste time to find. The trend started during last year's high oil prices, and looks to be gathering steam, along with the shares.
Somewhere in the mix is the Kindle, the rapidly growing reader that lets folks download books wirelessly and take them wherever they go without the bulk of having to carry lots of paper. It's like an I-phone for people who like to read and to do so under their own terms.
In our view, Amazon has finally tapped into a growing demographic trend, that of providing convenience and decent service for a competitive price in an era where time and mobility are everything.
Duarte's conclusion: A move above 66 would take shares above their 200-day moving average and could be the start of a significant move higher.
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Duarte partners with the Investors Resource Center at Investrend Information (http://www.investrendinformation.com).
Duarte's IntelligentForecasts.com (http://www.intelligentforecasts.com) provides free news coverage and analysis, and his daily articles and news summaries offer recommendations and analysis for ETFs, and individual stocks in the technology, health and biotechnology, and energy sectors. Duarte has combined expertise in health care, energy, and the effects of politics and global intelligence on the financial markets offer a unique blend of insight and information to thousands of active investors and political and intelligence aficionados around the world on a daily basis.
He is the author of: Futures And Options For Dummies, Successful Energy Sector Investing, Successful Biotech Investing and co-author of After-Hours Trading Made Easy. In early 2001, in Successful Energy Sector Investing, he correctly predicted that Venezuela's political problems could lead to an energy crisis in the United States. He has also appeared as a weekly guest on Market Mavens Radio and has logged appearances on KNX radio in Los Angeles, Financial Sense.com radio, and Wall Street Radio.
One of CNBC's original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990. His articles and commentary have been featured on CBS Marketwatch, Barron's, Smart Money, Medical Economics, and in Technical Analysis of Stocks and Commodities magazines. In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.
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