I scalped a small profit on the long side from under 178 to over 179, but it would have worked better to not have covered my earlier short and simply held it down to 178 or so. Knowing the stock might go to 180 for OE interfered since, as it happened AMZN dipped nicely below 180 before recovering to 180. I'm holding some other shorts over the weekend, but not AMZN.
There's always an overshoot with AMZN.
A distinct possibility now is 186 becoming support.
Lots of people shorted on the way up this morning. They'll give good support.
But I'm not buying calls now.
Loaded up on cheapo calls yesterday when down big and already up a tidy profit. Think it will go higher before the day is done. Easy money. Is Amazon a little overvalued? Perhaps, but they are a dominant force in online retail and only get better and better. Excellent service, product diversity, and prices.
I wish you were right since I closed out my entire AMZN short position yesterday thinking there would be such a bounce today. I won't go long here, but home to re-short from higher levels. Fortunately I held onto other shorts yesterday.