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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 222.69+0.1%3:59 PM EST
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To: Robert Duncan who wrote (10202)7/13/1998 8:43:00 PM
From: Glenn D. Rudolph  Read Replies (2) of 164684
 
Hi. I sold my July 110 puts last Friday for 11. (bought them at 6 3/8) Provided AMZN
opens at or slightly above where it closed, do you see buying those puts back at the
current price of 6 1/2 as a good move? In other words, do you see more downward or
upward bias on AMZN these last few days before expiration? Thanks in advance - I
respect your opinion and consider you the expect on an short plays on this stock.

Robert,

First, thank you for the compliment. However, my track record on AMZN is not what I would like.

I am baffled about the momentum switch around 2 eastern time. I am short shares and when it moved up, went long against the box and also bought another 1500 long shares as a day trade. I can seem to follow the momentum well give an hour or so but picking a direction the day prior seems almost impossible.

I do own July 120 puts which of course, lost a fair amount of value today. I plan on closing them if it appears momentum will be moving up tomorrow otherwise,I will let them ride. The July 110s no longer have much time premium so you should move point for point as the stock moves down but not loose point per point on the way up due to more premium occurring as the stock approaches the strike price.

I would likely buy them back if momentum appears down tomorrow or leave well enough alone until a direction can be reasonable guessed.

I know that is not much help.

Glenn
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