Amazon.com Catches Fire

But while Wall Street seems determined to cheer Amazon, there is little new in the horizon that could have a serious impact on Amazon's bottom line.

A cut in technology spending has been expected since the company's last earnings announcement. The digital media business is just getting off the ground. And an uptick in ad revenue will only amount to between $50 million and $60 million by Pitz's estimate -- hardly enough to move the needle for Amazon, which clocked $11.5 billion in revenue last year.

The anticipation around Amazon Web Services, meanwhile, may be getting dangerously ahead of what the company itself has promised. While Wall Street seems fascinated with the direction, Bezos has often warned that it will be awhile until the services meaningfully contribute to the company's bottom line. In the meantime, the company will continue to invest in the build-out.

"We see incremental opportunities related to Amazon Web Services, although we note that the impact is likely to be felt longer term, given the early stage nature of AWS and the overall size of Amazon's business." Pitz wrote.

Pitz also noted that short interest in Amazon has climbed to 18% of the float as opposed to 16% in May. "We anticipate that better than expected second quarter results from Amazon would likely push the stock higher."

But that's a double-edged sword. Trading at 58 times forward earnings, the stock could also see a stampede if any cracks start to show. And the term "better than expected" seems to grow more onerous by the day.