AMZN, NFLX and AMD Forecasts – Tech Looks a Touch Soft

Amazon Technical Analysis

Amazon looks like it is going to be a little softer at the open on Friday, as the earnings report was good, but it looks like we got a little overdone on Thursday. I don’t read too much into this, and in fact fully anticipate that there will be a bounce, maybe closer to the $260 level. Over the longer term, I anticipate that Amazon ends up being what it’s always been, and that’s a major holding for large funds, so I’m looking for an opportunity to get long here.

Netflix Technical Analysis

Netflix looks like it did just go positive in pre-market trading, and it might be worth looking into. If we can break above the 50-day EMA, that opens up the possibility of a move toward the crucial $98.72 level, where the 200-day EMA is followed by the $100 level.

The $90 level seems to be acting as a bit of a floor and we have proven that to be the case yet again, so I like this for a short-term play to the upside. I think Netflix probably will continue to be a decent performer.

AMD Technical Analysis

AMD looks like it’s going to pull back after an explosive trading session of the last couple of days. This is a buying opportunity in my estimation. That being said, earnings call on Tuesday might make this pullback a couple of days and that’s fine. $300 is your floor at the moment, as long as we can stay above that level, I think we’re good. I would be a buyer of this market on a pullback and a bounce. I’ve got no interest whatsoever in shorting AMD, and I do think that eventually it will continue to the upside, but we are overstretched, so do keep that in mind.

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