The Gilmo Report

July 29, 2018

July 28, 2018

Earnings roulette season has been living up to its name with stocks flying in various directions after reporting what are deemed to be good or bad reports. Over the past two weeks, we’ve seen high-profile rallies after earnings in Amazon.com (AMZN) and Alphabet (GOOG), while Netflix (NFLX), Intel (INTC), Facebook (FB), and Twitter (TWTR) have been busts.

But even the upside earnings gappers aren’t getting that much love. Amazon.com (AMZN) reported an allegedly blow-out quarter on Thursday after the close and gapped up to an opening price of 1876.05 on Friday. It hit an intraday peak at 1880.05 early in the day and it was all downhill from there.

By the close, the stock had barely avoided a complete outside reversal to the downside, ending the day up a mere 9.27 points, or just over ½ percent. Enterprising and gutsy short-sellers could have hit the stock short based on my tweets Thursday afternoon that I was hoping for an upside market open on Friday to short into. Along with the faux-GDP number, AMZN helped achieve my ideal for the day.

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