A few stocks

First an update on Amazon.  Last Thursday I mentioned [here] that I thought Amazon was looking good for a short entry, and on Friday things started heading in that direction with a close below the trading previous trading range support at 155. 

Unfortunately, my entry wasn't as good as I had wanted....I was hoping it would trade up to the top of the range near 160, but the stock started selling off immediately at the open, so I got into a 50% position on a bounce off the previous day's low on a bear flag pattern.  I only took a half position, as I thought there was still a chance we may have rallied back up higher in the range for another entry, but we didn't, so I'm holding the Nov 150 puts only.   The 5 minute chart from Friday is shown below with entry area shown. 

Now it's wait and see time.  Still looking for a drop down to 145 as an initial target, but since my entry was lower than anticipated, I'm bring my stop to 161 instead of 165.   If we trade down below 150, I will move stops to break-even.  The interesting thing for the coming week will be the POMO days on Tues & Thurs.  If the Fed injects another boatload of money into the system, we may see some continued upward movement, but as previously posted, the Fed's biggest Treasury purchases were front-loaded into September, so I'm not sure how market-moving these coming POMO's will be.  The important thing for anyone following this trade is to remain disciplined on your stops if Amazon gets ramped with the rest of the market.

And now a look at ISRG.  A friend of mine mentioned that he thought this was going back up to $400 in the near term, and since I hadn't looked at this chart in months, I figured I'd take a look see.  Daily chart below.

After reviewing and inserting a couple of trend lines, I'm not so sure I would agree that ISRG is headed back to 400 anytime soon, but who knows.  My main observation is that we are in a pretty defined downward channel going back several months on a series of lower highs, so that upper trend line will likely present stiff resistance.  On the bullish side, we could be forming the "b" dip of an ABC pattern, which would but C at 330 on a measured move - which would be a break of the upper trend line.  Bottom line I don't think I would go long at this stage.  A test of the upper trend line would make a good spot for a short entry, or if we trade down to the bottom of the channel again, I might look to go long on a bounce off the lower trend line, but I'm not seeing $400 at the current time.

Hope you all had a good weekend.  More to come later in the week.