MM has leaned on Amazon.com (AMZN US) on a number of occasions to help with our technical viewpoint towards stocks and in particular the tech sector. At this stage the Seattle based e-commerce business looks tired whenever it’s near the $US3,500 area and our preferred scenario is we will see another dip towards the $US2,900 support area which contained the weakness both last September and in March hence by correlation we are cautious towards both stocks and the IT sector over the coming weeks / months.
MM is a keen buyers of AMZN under $US2900
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