Remember that Dixie Chick's song "Ready to Run"? That is the tune that kept ringing in my head as I looked at the chart of Amazon.com (NASDAQ:AMZN).
This company reported stellar earnings last quarter, but the stock ran up so much ahead of the report that it had nowhere to go but lower. Since then, and despite a difficult market, the stock has made a full recovery.
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On Wednesday, AMZN was the only retailer that said that holiday sales were going well. In fact, it said that it was the best holiday season ever for the company. Internet retailers are finally garnering a significant share of holiday shares, and AMZN is capitalizing on that trend. I know that I shop on Amazon.com all the time, both for books as well as electronics. I love the site.
The stock looks poised for more upside action. I think the stock will be back at new highs by the time it reports earnings in January, and I expect that it will report strong earnings again.
This is what made AMZN my Stock of the Day, and I will be looking for any pullback to buy.