Even though they may be a seasonal trade, I'm not convinced that the holidays are the reason you want to own online commerce stocks.

In many respects, you've left fundamentals land and have entered expectations land. Fundamentals can improve and the stock can trade off if expectations aren't met.

Incomes are rising and many Chinese tourists have started traveling to tropical locations for their holidays. There's no reason more of them won't want to go north, where skiing conditions are ideal.

The apparent lack of operating leverage remains the single biggest issue for Amazon.

There is a steady migration of recruitment dollars going online, ... Employment figures are trading catalysts but this is a secular growth story, not a cyclical one, so month-to-month employment numbers are less and less relevant.

That's really impressive, ... This is a core tech long for investors. It's at its all-time high, and it should be.