What looked to be a pummeling for Amazon (AMZN) on the heels of its latest earnings report, has turned into a buying opportunity.  At the low of the day, AMZN was down $85 points (which was still a nice rebound from premarket and overnight trading when the stock was down more than $130), and now the stock is down $29.  The stock is oversold. 

Communications Services, Information Technology and Materials are the leaders today, while the safe havens such as Consumer Staples, Real Estate and Utilities lag.

The major indices are all in the green, with the S&P 500 on track to close at an all-time high.

• Dow 26,987 +182 or 0.67%
• S&P500 3,025 +14 or 0.47% (looking for it to break through 3,025 on a closing basis)
• Nasdaq 8,242 +56 or .68%

On the economic front, we got the final read on University of Michigan Consumer Sentiment for October, which came in at 95.5 versus consensus of 95.8 and the preliminary read of 96. September’s final read was 93.2. The October read was almost identical to the average during the first 10 months of 2019 (95.6) and fell only slightly below the average level since the start of 2017. Despite all the Mainstream media hype, the consumer is feeling good, as income and job growth have more than offset the trade war issues and now the latest impeachment inquiry.

• Current Economic Conditions Index declined to 113.2 from the preliminary reading of 113.4, and up from the September final read of 108.5.
• Index of Consumer Expectations slipped to 84.2 from the preliminary reading of 84.8, and up from the September final read of 83.4.

Have a great weekend.