HOLD AMZN
0 shares at $244.74 on 2026-06-08
Reasoning
AMZN position held per Rule 44 rate-shock regime constraint. Current price $244.71 vs avg_cost $257.78 represents -5.1% drawdown; thesis remains intact on long-term AI/cloud capex secular trend. Today's +1.78% QQQ bounce is intra-regime volatility, not regime lift. Rule 44 gate requires either (a) CPI <3.5% on two consecutive prints or (b) Fed rate hike odds <15%; neither condition met. June 10 CPI (consensus 4.2% YoY) is the next decision node. Macro gates binding; no new capital deployed. Position is orphaned per Rule 36 (upside invalidation unresolved) but held as existing thesis position.