Taking A Small Short In Amazon

I finally decided to dip my toe in the water and fade a little AMZN. The short squeeze could take this think higher still, so I just put on a small position, and may add to it tomorrow if the momentum starts to fade. I don't want to step in the way of a speeding train and ruin my P&L.

But the 2-day spike looks like a blowoff to me. You can see how overbought the RSI indicator above it.

Another setup I like is that of Las Vegas Sands (LVS). The stock has been consolidating nicely since its correction in early February. It is now hovering back above its 50-day, and looks poised to break above its recent resistance.

The parade of strong earnings reports continues, and helps put a bid under stocks. The firm demand is likely a result of underinvested managers trying to build up their long exposure, while shorts are trying to reduce their short exposure, both of which exert upward pressure on this market.

long LVS; short AMZN