Nice call holding off on those 75 calls yesterday Timberlane! NOw I hope 73.50 would provide support for AMZN tomorrow. That's where i expect it to head soon after seeing how ugly the chart was today.
haha, thAnnk you come again, btw timberlane it is a big deal selling puts before opex when ur about fall off the cliff before those options expire, maybe u will lose 10 times ur money, selling puts is suicide after 9 weeks of straight up, and copper not breakin $2.2 for third time and gold goin up... why is gold goin up, because smart money sees the implied downside coming
the correct strategy after such a run-up is to sell calls, not puts!!! so ur thesis is a recipe for big losses, retail numbers will tell u how much money u will lose on selling 80 puts, 80 calls would be money in ur pocket, sorry buddy... sell calls all summer long, this stock with this p/e will not see 80 for a while... market will test 8000 so a little imagination will not... i called steel rally 2 weeks ago, check my clf posts, was spot on... platospicks.com is coming soon, follow the greek
guess what foreclosures up, so lets shop amazon!!! will off at the open as usual, i hope this time it just keeps goin down, everyday take some off the table, and give back money for no reason i can see... this will break 70's maybe this week
"I think it might be a better time for a more short strategy than a strategy that collects money on low volatility because a more violent price movement may be brewing."
I agree. After opex.
I think it's a nice strategy except when a stock is near an extreme price. Unfortunately, once a stock enters absurd price levels, there's no reason the price can't get more absurd so it's very hard to call tops or bottoms. Because AMZN is priced absurdly and the market has rallied so hard and the economy sucks, I think it might be a better time for a more short strategy than a strategy that collects money on low volatility because a more violent price movement may be brewing.
"I also sold June 70 puts for 2.40 when AMZN was at their daily lows too."
I was looking at those myself, but I think there is a decent chance AMZN could get a good sized selloff soon. I want to wait till 72 to sell those if I can.
Timberlane while I didn't agree with you when you sold puts when amzn was in the 80s, I do agree with you that I do see pretty strong support levels at 76s. I have the 75 puts that I sold in play for about a week now. While it may seem unlikely at the moment, I do think AMZN wants to get close to $80 by op ex based on open positions that I'm seeing. I also sold June 70 puts for 2.40 when AMZN was at their daily lows too.