Amazon Stock Nears Major Breakout

Amazon.com, Inc. (AMZN) shares traded above $2,000 for the first time since Oct. 2 on Wednesday, July 10, after Federal Reserve Chairman Jerome Powell told Congress that governors would apply the "Fed Put" and use rate cuts to maintain the decade-long economic expansion. The technical stars have finally aligned for a healthy breakout that opens the door to $3,000, or $300 if the e-commerce juggernaut finally relents and splits the stock at least 10 for 1. CEO Jeff Bezos will have to perform this surgical act if he wants Amazon to join the price-weighted Dow Jones Industrial Average (DJIA) and become the second highest-capitalized component, behind Microsoft Corporation (MSFT). With a $976 billion market cap, Amazon stock is already 27 times larger than Dow, Inc. (DOW), the smallest DJIA member. Read More...