NEW YORK ( TheStreet) -- Although retail might seem like an area to avoid during the government shutdown, T3's Chief Strategic Officer Scott Redler told TheStreet's Debra Borchardt he has his eyes on Amazon (AMZN).
Amazon just hired 70,000 seasonal workers, and Redler argued it is good when a company is hiring because it shows that business is going well.
He said investors may be hesitant to buy a stock like Amazon with such a lofty PE ratio and valuation. However, those types of companies tend to have the right ingredients to be very successful in the market, and the stock eventually grows into the high valuation.
Technically speaking, Amazon is looking strong, Redler said. With the stock trading above its eight- and 21-day moving averages, a push above the $320 level could indicate another breakout for more gains.So long as the stock can stay above the those moving averages, the trend is still intact, he said. Should the trend break, that's when investors start to figure out if the fundamental story has more meaning than the technicals. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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