There's your reason for the rise. And checking the actual press release shows some great news on cash flow, which I always love checking on, assuming the company I'm reviewing actually reports it before releasing the 10Q. Cash from operations jumped 20% for the entire fiscal year, and free cash flow appreciated by 16%. Considering that the stock was so far away from its 52-week high, this performance certainly justified a big pop. I'm sure some of the short-sellers who were betting against the company panicked in the face of the stats. CEO Jeff Bezos reiterated his famous mantra: It's all about the customer experience. Indeed, Amazon does seem to care mostly about the logistics of fulfillment. And, of course, value. That's going to be more important than ever as consumer sentiment worsens. After checking over all the highlights, I'd have to say that Amazon is doing most things mostly right at the moment. There was even mention of good demand for the Kindle (I'd love to know specific details on how profitable that device is). Overall, you've got to give credit to management for navigating the online retailer through that hellish holiday season. Consumers obviously perceived a lot of deals at the site (and everyone was looking for good deals, to be certain). And promotion of the shipping strategy definitely helped.

So, what's the bear argument? Is there one? Sure, there's always the other side of the trade. Without a doubt, I would not be a buyer of Amazon today after such a huge spike in the share price. Also, headline news relating to the economy is no doubt going to be bad for a while. That will put pressure on the stock. Amazon is an incredible online brand, I use its services, and everyone knows the retailer. But the current bids I'm seeing on the screen are too rich for my taste. Wait for Amazon to settle down before considering establishment of a position.

Disclosure: I don't own any company mentioned; positions can change without notice.