It all depends on the top line. That is key. The market is more sensitive to revenue.

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.

It's purely the earnings numbers. Sentiment was negative going into the numbers, with a widespread expectation there would be a miss -- including us.

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.