Asset Watch
Tuesday, November 29, 2022
Although Amazon ended the Nov. 25 session up by 8.8% from its 2022 low, Best Buy is up by 33.6% from its 2022 low. Therefore, if a strong holiday showing culminates with some bullish mean reversion, Amazon could outperform in the weeks ahead.
The only caveat is the S&P 500 is still flirting with its 200-day moving average, and the metric is less than 1% above the Nov. 25 close. And since information technology and consumer discretionary are among the S&P 500’s largest sectors, Big Tech may decide whether the rally continues.
As a result, should you bet on a revival, or will Amazon continue to disappoint the bulls?