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Amazon Ready to Book Some Gains

By Jim Cramer

 About this article:
 Sanford Bernstein's endorsement of Amazon this morning rests on a higher-margined European business involving merchants. Or at least that's what the analyst hung his upgrade hat on. The idea makes sense. But more important I think is the fact that the numbers are going up, and the analyst wants to get in ahead of the holiday selling season and the back-to-school numbers, which I think will be huge. There has at last been a big decline in the short position in Amazon, no doubt part of an unwind where quant funds got long "cheap" stocks like a Barnes & Noble or a Borders or maybe a Kohl's or a Macy's and sold short Amazon. When the performance of other parts of the portfolio led to massive declines, they unwound these trades, and that momentarily propelled Amazon higher in a terrible market. There are still a lot of shorts,...

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