Amazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 75% of total, followed by Amazon Web Services' cloud computing, storage, database, and other offerings (15%), advertising services (5% to 10%), and other the remainder. International segments constitute 25% to 30% of Amazon's non-AWS sales, led by Germany, the United Kingdom, and Japan.

As we said recently, equity investors don't seem to have a lot to worry about as we move toward 2025. Still, there is always something to worry about. As we see it, the big technical issues are the multiple weekly momentum divergences on the S&P 500 (SPX) and the futures positions of the smart money commercial hedgers in the major indices. As well, the Nasdaq and the Nasdaq 100 (QQQ) are working on only their first weekly momentum divergence. And yes, market participants are pretty bulled up -- especially in the options market. For the SPX, the Chande Trend Meter is a strong 88% and 70% of stocks in the index are above their 200-day average (bullish, yet down from 85% in September and October). As well, the index is at an all-time high; daily and weekly charts are approaching (but are not yet at) overbought momentum territory; the Bullish Percent Index (the percentage of stocks in the index on point-and-figure buy signals) is bullish at 71% (but lower than the 81% from September); the daily and weekly Vortex Indicator are bullish; the slope of the advance is not too steep (as calls for a possible year-end melt-up have not yet materialized); and the advance-decline line and advancing volume-declining volume line on the index are at or near all-time high territory. So if all those technical indicators are positive, is there only one direction for them to go? Well, they can always get even more bullish -- but yes, the above is a legitimate question. Bull markets tend to last longer than many expect and often go further than the fundamental news sometimes suggests is reasonable. (Mark Arbeter, CMT)

Amazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 75% of total, followed by Amazon Web Services' cloud computing, storage, database, and other offerings (15%), advertising services (5% to 10%), and other the remainder. International segments constitute 25% to 30% of Amazon's non-AWS sales, led by Germany, the United Kingdom, and Japan.

Sustainable Impact Investing, or ESG investing, is gaining traction not only with Argus Research clients but also with the global investment community. BlackRock CEO Lawrence Fink, who oversees approximately $9 trillion in assets, announced in January 2020 that his firm would be investing in companies that are making progress on sustainability. He doubled down in his January 2021 letter, calling on company managements to disclose their plans for making their businesses "compatible with a net-zero economy" by 2050. As assets have flowed in over the past 40 years, Sustainable Impact Investing has evolved. The discipline, originally known as Socially Responsible Investing, focused at first on excluding companies that conducted business in South Africa, or participated in industries such as tobacco, alcohol, and firearms. Performance of these initial strategies lagged, and the approach has been modified. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues such as climate, hunger, poverty, disease, shelter, and workers' rights.