Two of the glamor stocks of this bull market, Amazon AMZN and Netflix NFLX suffered huge declines today. NFLX has been limping along for months now. AMZN was near all time highs.
Amazon saw sales up big. The new Kindle Fire is rumored to cost $10 more than they are selling it for. Estimates are for five million of the units to ship before year end. That's $100 million in sales, causing an immediate net loss of $5 million to the bottom line.
Long term, it will help the company, but the stock was apparently priced too perfection and suffered. I was tempted to sell the Nov 180 puts this morning, thank goodness I did not.
I missed this big rally in gold.
Long BRKB, SPY, TLT
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