Chance of a lifetime. They said. I'm a buyer on a dip. They said. Scared. They are. Amazon (AMZN) . the Death Star. Rattler of cages. Compressor of margins. Slayer of consumer level inflation. Master of the cloud. Oh, I almost forgot ... bookseller extraordinaire and lastly... grocer.

Who are they? We are they. All of us. I have been long Amazon a fairly long time. Truth is though, that I have traded the name. I have bought on dips such as this. I have sold when I thought the stock was overvalued. One thing that I noticed early on was that usually when I bought this name on a dip, I made money, and usually when I sold this name on a spike, I eventually ended up paying up to get my shares back. I made my first sale of AMZN at $186, for a profit of 36 bucks. Obviously overpriced at that level. Easy peasy. 

Choices

Amazon compares to no other firm really. Compare this name to whom? Alibaba (BABA) seems toxic. I like Walmart (WMT) . Walmart is a great retailer, struggling to keep the likes of Amazon at bay. Walmart is going to compete on Amazon's turf. Even on Netflix's (NFLX) turf. Walmart will someday be considered a tech name, but not today. I don't like Alphabet (GOOGL) , Sold that name when they failed to show up in D.C. Might as well round out the FANG names. I have never liked Facebook (FB) . I have never owned that one. Oh... you said FAANG? Okay, yes, I have been buying Apple (AAPL) on this discount. Couldn't pass that one up. Back to Amazon. The cloud is a big place, and Microsoft (MSFT) can compete effectively there with their Azure business line.

Bottom Line

The technicals right now are sort of awful. However, this name did find support today a the 50% Fib retracement level. (So did the S&P 500). I added to my AMZN long yesterday, and plan to add today. I would love to add below $1700 but may not wait that long.

Remember gang, we do these things in small increments... especially in a name like this. Why not buy this stock one share at a time, if you happen to be a retail investor? Options are a no go on names that swing in hundreds of dollars, kids.

(Amazon, Alphabet, Facebook, Apple and Microsoft are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN, GOOGL, FB, AAPL or MSFT? Learn more now.)

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At the time of publication, Stephen Guilfoyle was Long AAPL, AMZN, WMT equity, Short AAPL puts.

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