Amazon.com Inc (NASDAQ:AMZN) was the final trade idea from Ritholtz Wealth Management CEO Josh Brown Tuesday on CNBC’s “Fast Money Halftime Report.”
What Happened: Andy Jassy took the helm from Jeff Bezos and officially became the CEO of Amazon Monday. The stock is breaking out to new all-time highs following the transition.
Related Link: Why Amazon Stock Is Breaking Out, According To Jim Cramer
“This is the sickest breakout I’ve seen in a long time,” Brown told CNBC. The move the stock is making to the upside is real and there is no resistance ahead, he said.
Why It Matters: Just over a month ago, Brown said he was starting to get really excited about the setup in Amazon’s stock. “The bigger the base, the bigger the space” once the stock breaks out from its consolidation phase, Brown said.
Related Link: Josh Brown Sees 20% Upside For Amazon’s Stock Price In 2021
Amazon is breaking out today following a consolidation phase that lasted for nearly a year.
AMZN Price Action: Amazon is up 12.86% year-to-date.
At last check Tuesday, the stock was up 4.69% at $3,675.74 at publication.
Photo: Courtesy of Amazon.
