Hi Barbara,
Not to speak for Judy, but I think the essence of what she is saying is 'don't keep betting against the trend'. And since I am holding AMZN Oct 75 puts that I bought ITM, the evidence is pretty strongly in her court. Of course, this isn't the first time that I have been in this position.
It's just that I know someday soon, everybody is going to realize that AMZN is just another retailer and that if they cannot figure out how to turn a profit when their business model should have removed a big chunk of overhead, well.....
So, if I stay true to my word and just sit on the sidelines (I can't go long at this point), I'll miss out on the wild ride down. But, I will probably keep a little of my dignity.
BTW: My new official indicator that the market correction is over will be when the internet sector is taken down to reasonable levels. Until then, despite the NYSE BP reversal, I will be apprehensive about the market health.
Probably TMI (too much information), but hey, I'm feeling talkative.
Tom |
