It’s weeks like this that always make me think the NYSE should take a summer vacation. Yes, it sold off a bit, but only a bit, as we’ve been pretty much flat since the breakout of Aug. 1. This sideways action can’t go on forever, but for now, I wouldn’t be looking to do too much.
Speaking of “too much,” the action in Tesla Motors (NASDAQ:TSLA) this year is nuts. Now, I won’t argue the valuation one way or the other, but focus on a simple fact: the stock has gone parabolic this year. When that happens – and if I’m lucky enough to still own it – I sell at least some of my holdings and be thankful for the windfall.
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Amazon.com (NASDAQ:AMZN) was in the news this week due to Jeff Bezos buying the Washington Post's publishing assets. That had me looking at AMZN itself. I like the stock, but would wait for the next breakout before buying.
Back next week to see if the sideways action has abated.