AMZN will continue to have a premium due to being a disruptor with no competition. Despite being vastly over-priced, analysts continue to love them and since some of the earnings metrics are so hideous it wouldn't take much to hype say, "margins soar 100%!!!!" It could remain similarly over-priced for a long time still.

NFLX and TSLA otoh, they don't look so strong. It seems people are finally realizing NFLX has valid competition in Hulu and Prime, which at the very least impacts their expenses for content. Also as they launch in more international territories, that just lowers their potential for future growth. They do have an ace in their sleeve though, on subscription pricing. They could raise it 10% with negligible impact, which would send margins and earnings surging.

Toss a coin for the week ahead? Fed week again. Will they or won't they? And how will the market react?

Re the Fed: Still think no hike till next year.

I agree Amazon has the upper hand, the perception is it is steam rolling the competition.

However, the reality is that the steam rolling is not as bad as it appears, IMO. Best Buy is surviving, it has figured out its online strategy and sales are stable, while costs are under control. Walmart is still a force to reckon with, it generates a huge amount of cash flow, lots of ammunition to defend itself.  Ditto for Target and Macy's 

Pricing of items is generally on par between Brick and Mortar vs. Amazon.  Prime is without a doubt Amazon's Ace up its sleeve.  However, Prime is no Moat, IMO.  It can be replicated, and the likes of Walmart and Best Buy could attempt to counter act it even if at the margins to slow down Amazon.

That said, I agree with you that the market is still fully behind Amazon, in fact the PTs are now north of 650, I think I saw one set to $700+, which would lift the projected estimated Net Oprating Margins above 12%

One thing Amazon is constrained on is on price across its catalog.  With competition beginning to match it on price, it will put a cap on it, this may not be a problem yet, given that consumers will give Amazon the sale because of force of habit and convenience.  However, I would be surprised if Amazon can continue to make razor thin margins at infinitum. At some point in time the market will require Amazon to prove it can grow into the valuation awarded the company.  I know, I know, it seems the market does not care about that, nor has it for the past 10 plus years.

At some point, probably. Could be six months from now when that starts, or five years. Nobody can predict. However it goes, their status as a one of its kind distruptor will always give it a higher valuation premium than average. There are probably assumptions too in how many years it takes to get to margins that produce those earnings. To forecast the same earnings, all analysts need to do is push out a few more years of revenue growth with lower margins while citing "continued and better than expected progress on margins" to keep supporting the stock.

I have no position in AMZN. When I do, I'm looking for a quick short. I was just making the point that it's risky while the up-trend and narrative are still both intact. I mentioned NFLX otoh which is also very richly valued but is starting to look weaker, both technically and in the narrative (I see more and more stories highlighting that they do in fact have competition).

I agree, I also have no position in Amzon.  And I too only short it for brief times.