Amazon Earnings Miss, Blown Up A/H
Here is what the chart would look like if it were trading in regular hours, after the Amazon earnings miss. How do you like my art work? Ugly, I know.
That is it for me with the ‘bounce’ scenario. I dumped SPY after hours for a minor loss and GOOGL for a reduced profit. The internets were the strongest group and if this goes south where are the rats going to run?
I’ll contentedly sit mostly in cash, Treasuries and a few shorts until I get a read on things.
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At least Amazon is more honest about its performance overseas than Apple is taking into effect the weakening currencies around the world. Currency devaluation hurts not just earnings but cash holdings overseas which is why Apple chooses not to follow standard accounting procedure which would make it obviously clear haw bad its policies to hide its assets from US taxation is.
Expect the downturn to continue to migrate from overseas to home. Amazon is getting punished for stating reality before others admit it. The global economy is in a full swing downturn and no multinational company will go unaffected.
Unfortunately, companies are often punished for telling the truth.
Which means they are adjusted to reality. Nothing wrong with that.