So Amazon made a killing last quarter, to the tune of $125.56 billion.
But according to this CBS News headline…
Amazon kept $62 million in tips intended for drivers, FTC says
What the frack!?
Amazon has always had a reputation for treating its employees poorly — but WOW!
CBS reported that Amazon literally changed the algorithm used to calculate the tips drivers were owed.
They also encouraged customers NOT to pay tips in cash.
And these drivers are using their own cars!
Why would Amazon do this? Is the company not making enough money?
It kind of makes me want to lose my faith that people generally do the right thing … which I truly believe they do.
But what the Hell, Bezos? (It should be noted that the longtime Amazon CEO announced Tuesday he was stepping down from his post. Maybe he heard this scathing article was coming??)
As you already know, I avoid purchasing anything from Amazon and will continue (not) doing that.
Just so sad.
Peek at the AMZN Stock Chart
Taking a peek at the AMZN stock chart, guess what I see …
Yes! It is a doji at the top of an uptrend.
Remember, a doji can detect a change in trend when they are found at the top of an upward trend or at the bottom of a downward trend.
This doji could be signaling a pull back in the price of AMZN. Look for a lower open today for a confirmation.
I am not going to recommend a spread in AMZN, but for the pro trader … perhaps a put butterfly …
On Monday morning, I recommended buying Wells Fargo (Ticker: WFC) Feb19 29 puts straight out paying $.90.
The stock opened a bit higher and I was able to buy them for $.76.
However, I was wrong about the stock direction. It has traded higher and I sold my puts at $.40 for a 47 loss.
It is never fun to lose money, but it is bound to happen. Not every trade will be a winning trade. Just a fact of life.
The key is to maintain your discipline, stick to your initial stop loss point and follow through. You can always re-enter with a new position.
Most importantly: You always want to be able to trade the next day.
Finally, silver has been on a wild ride and I am still holding my Mar17 call spread.
Hopefully, there won’t be any more “stomping out the little guy” stories to report on!
Thanks for Reading … See You Next Tuesday!