I would sell future calls on the gap up, buy them back when it falls back down to fill the gap then sell puts riding back up.
You are spreading FUD. Look at the last 4 quarters financials and calculate for yourself. And that is only trailing PE. This Quarter will be highest ever, and that will take out the first Q when you calculate the trailing PE again.
Because the analysts 2 weeks ago pushed the stock up almost 20% in 3 days. Now must come back down, PE is ok, NOT like Yelp or Twitter, just price spike 20% in 3 days cannot be sustained
Amazon is one of the most manipulated stocks on the planet because alot of it is held by institutions that hold the price up. People have been unsuccessfully trying to short it since 1997.
Thats like saying how is Amazon up 38,000% from their IPO and after 19 years they are still losing money but Wall Street has 300 Bilion market cap, go figure. . .