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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 247.35+0.4%Jan 9 9:30 AM EST
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To: Rob S. who wrote (18081)9/23/1998 8:45:00 PM
From: OtherChap  Read Replies (3) of 164684
 
Well, I take a two day vacation to visit relatives in Virginia and Amazon goes crazy. Trying to trade options over the telephone is nearly impossible. I sold all my Oct and Nov puts yesterday for a nasty 20% loss. But I am still well in the black overall.

However, it has become clear to me that the options game with Amazon is completely rigged, and the market makers will do everything in their power to crush the October puts. They know they cannot crush the November puts because Amazon releases its earnings the day AFTER october expiration. And since every analyst (EVERY SINGLE ONE) has increased amazon's losses by 100% for this quarter, we know the numbers are going to be terrible. Many people holding october puts are going to feel suicidal after seeing the stock drop 30 points the day after their puts expire worthless.

In any case, I managed to short 8000 _shares_ of Amazon today from my full service brokerage, at an average cost of 103. I can sleep easier not worrying about the value of my investment disappearing in a month. I can afford to ride this short squeeze out even if it were to go to 300 per share.

Tomorrow I may pick up some october puts just for fun, since they were utterly DESTROYED today. The Oct 60 puts are trading for under a dollar. If you're in the gambling mood, go for it.. But just don't do it with money you can't afford to lose.
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