Amazon is loved and hated (kind of like msft) But WHAT a week! From 118 to 126!! with an upgrade from a highly respected analyst who thinks AMZN should be in the 160!!! range. This is well worth a look (I like the Jan/165 calls at .67 ob.) With Kindle on top of a lot of Christmas lists..Bezos and company might be on their way to much..much higher ground short term.

Okay, let's get to FCX. Unemployment didn't help, we all know that, and it may weigh heavily into next week. Ft. Hood was a a blindside that just freezes people. (You can't trade around it, but it can have an impact on the overall 'emotion' of the day...Which wasn't strong. I said yesterday I thought the dow might test the 10,092 high (or get close)...well 10,045 isn't bad. But I thought FCX would run a bit beyond 81.30. Never got there. Volume was down and the stock seemed lazy for most of the session. (Perhaps a bit tired).

I suggested that if if we get through 10K and close to the old 10,092 number we may be due for a short breather next week. I see some validation for that in today's candles. VIX was down, MACD was weaker, tick-chart was less positive (more down ticks than up). Gold sold off...even though the dollar continued down. Charts aren't perfect...nothing is, but we've run from 72ish to 81ish in less than two weeks.

Here's my takeaway for next week: Stay long but add some cover with out of the money puts. The DEC 65's look attractive. It's not an ideal straddle but if we take a breather next week (Don't forget Wednesday is Veteran's Day) it's a safety net.

Long and Strong.