Wall Street firms rallied around shares of Amazon (AMZN) this morning after many reiterated their positive tick ratings last week (see tables).

As a result, the stop popped higher at the start of trading, but once buying evaporated, selling began in earnest.   The high beta stock has seen massive downside swoons triggered without warning before, and now after the earnings release.  I thought $1,570 could provide some support, but when the market or individual stocks are in meltdown mode charts, like fundamentals, don’t matter. 

The stock has traded in 115-point range today.

Also putting pressure on the Dow Jones was Boeing (BA), after a Boeing plane “fell out the sky” in Indonesia:

• 181 passengers including three children
• 6 crew
• 2 pilots

There were reports the new 737 MAX 8 was having problems in the previous flight. 

The release of strong consumer spending numbers today is helping retail names, which should have a great holiday season.