I bought June 80 puts for .35 at just about this time, only 20 though - a chicken shit trade but I am up a few hundred bucks on it. I might sell half of them if I can recoup enough. I actually bought 10 for 1.1 awhile back but my rule is they have to be highly profitable or I do not hold overnight. I sold them for 1.1 the same day. My general rule is to never buy options.
Of course I just had those up on my screen. At this point, I think they may be a wash. If I get $2 for them, I think there is a good chance AMZN will close next week around $83. That's a wash. I looked at the July's, but I can't see selling July 85's here. If anything, I will wait for a pullback closer to 80 and sell July 75 or 80's. So, no put selling for me right now. I got lucky with a quick $2.50 move down, so I don't have any pressure on this short.
Wow, Timber, you're onboard with the shorts! :)
It took some serious guts to hold unto my $1.44 puts that dropped to $1.07 during the pop and are now worth $1.40--that was a scary 10 minutes.
I see a TEXTBOOK head and shoulders forming in the s&p over the last 10 days....right shoulder was formed at 955 on the /ES this morning. I think we're headed to sub 940 now on /ES which should drag AMZN down.
"Wow, Timber, you're onboard with the shorts! :)"
I'm always on board with the shorts. I have a huge short position that I hedge with puts. It allows me to collect premium while AMZN pretends its a $90 stock. AMZN is going to teens. It's only short term that I play bullish.
new high last high was high 87's.
not sure id short when we are 3.75 away from a new 52week high.
but ill keep agreeing, hell yeah this is $50 or $55 overvalued.
with home depot raising guidance blah blah, how long before jeff bezos puts out a "best sales ever" bs article about how they are gonna beat sandbagged guidance by 5 cents thanks to expensive new aquisitions.
i think $100 is inevitable unfortunately.
Meanwhile the press ignores the stead stream of lowered earnings that amzn always issues AFTER the Q reports .
fascinating that they get away w/ this .... this would NEVER be allowed in the old days .
Some bright reporter would CRUCIFY the company and the stock would tank at least 25 % for lying or at best "misleading" .