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Web Extra: Burned By Amazon

To Guy Adami, taking profits in Amazon seemed like a prudent move back on September 17th.

At the time he said, “Amazon sort of failed today. We talked about it yesterday, saw it at 151 and change – a level we made a few months ago. Amazon can't seem to get through it.”

Thinking the stock had hit resistance he counseled, “I think you want to be taking the profits.”

Unfortunately taking profits was the wrong move. Since that time Amazon broke out – pushed above that level of former resistance – and wracked up sharp gains.

Is the break out a buy signal? Should you get in now? Find out how Adami suggests trading the stock in this web extra!

This content is only available online - you won't find these trades on TV.





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Trader disclosure: On October 15th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova Owns (GLD), (APA), (AAPL), (IBM), (EOG), (HES), (OIH), (OXY), (ORCL), (SU), (VRTS), (XBI), (C), (JOYG), (RIG), (UPL), (PEP), (FCX), (PFE), (HOC), (NOV), (CRM), (MMM), (MCD), (NKE), (CREE), (ISRG), (XLF), (SDS), (GOOG); Terranova is short (APOL); Finerman owns (AAPL); Finerman and Finerman’s owns (BAC); Finerman and Finerman’s owns (JPM); Finerman owns (GOOG); Finerman’s firm owns (IBM); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Weiss owns (AAPL), (BAC), (INFN), (OCLR), (FNSR), (DVN), (VZ), (QCOM)

For Brian Kelly
Accounts managed by Kanundrum Capital own (ANDE)
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Accounts managed by Kanundrum Capital are short U.K. Pound
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For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
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For Peter Boockvar
***No Disclosures***

For Scott O’Neill
William O'Neil & Company Owns (ARMH), (PCLN), (NTAP)

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