ZH hates AMZN more than I do!

Go HERE for his take on the poor quality of Amazon’s earnings that came out this evening. Strangely bullish day. The reactions to earnings feels especially severe this time around with reward and punishment being handed out in large amounts. For winners, see CTXS, XLNX, EXPE, AMZN, for losers see DECK, AKAM, CELG.

The Spain downgrade is after the fact,  the VIX is back in the mid-teens  and the trend has been recaptured. The first estimate of Q1-GDP due today will tell if there is any “decoupling” of the US from Europe. This is another recurring idea,  trotted out to explain bullishness gone wild. Europe is our largest trading partner for now and that will change only gradually if at all.  But it feels like a devil-may-care bust out is again in the making.

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