"flight to quality?" On what basis? Is it that the high cost of gasoline won't affect shipping costs? Is it that customers who became used to free shipping will be willing to pay for shipping? Will it be that it won't affect AMZN's margins if they have to continue free shipping (at increase rates) to keep customers? I can think of lots of reasons to rebut your comments.
You could see it recover some to 175 and then fall. This stock has risen a lot lately and it shouldn't surprise anyone if it tests some lower lows. That doesn't mean that long term . . . I like to do the covered calls to hedge against losses and you can throw in a naked short here in there (but be careful).