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

Amazon has to do two things well,

It's the single biggest issue out there for the stock market, yet most investors have their heads in the sand. We're talking about $100 a month families won't be spending at malls, movie theaters, and restaurants.

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.