Positive Retail Data Brings Direxion Amazon-Focused ETFs AMZU And AMZD Into The Spotlight
Portfolio Pulse from Joshenomoto@benzinga.com
Positive retail data has brought attention to Amazon.com Inc (AMZN) and Direxion's Amazon-focused ETFs, AMZU and AMZD. Retail sales increased by 1% month-over-month in July, beating expectations, and jobless claims fell to their lowest levels in five weeks. Despite Amazon's mixed Q2 earnings, the positive retail data has led to a significant jump in AMZU, while AMZD has slipped below key moving averages.
August 15, 2024 | 7:41 pm
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POSITIVE IMPACT
Amazon.com Inc (AMZN) saw a positive impact from robust consumer spending data, with retail sales up 1% month-over-month in July, beating expectations. This comes as a welcome diversion from Amazon's mixed Q2 earnings report.
The positive retail sales data and lower jobless claims provide a favorable environment for Amazon, potentially offsetting the negative sentiment from its mixed Q2 earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Direxion Daily AMZN Bull 2X Shares (AMZU) saw a significant jump following the positive retail sales report, breaching its 20-day exponential moving average and aiming for the 200-day moving average.
The positive retail sales data has led to a significant increase in AMZU, indicating bullish sentiment towards Amazon in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Direxion Daily AMZN Bear 1X Shares (AMZD) slipped below key moving averages following the positive retail sales report. Bears need to hold the line at the 50 DMA to avoid further downside.
The positive retail sales data has negatively impacted AMZD, indicating bearish sentiment towards Amazon in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80