Good thing we didn’t know how bad AMZN’s earnings would be, or we’d have been tempted to load up on put options the day before. Bears got their necks wrung by Friday’s classic short-squeeze, and although it may be scant consolation to them now, the high of the move came within 33 cents of a very important (and clear) Hidden Pivot target. If the stock hangs aloft Monday, we may try to leg into some out-of-the-money put spreads using the 260, or possibly 250 strike. Stay tuned to the chat room if you’re eager to play. ______ UPDATE (July 30, 1:08 a.m. EDT): Zero interest in this gambit, it would seem. This is the last call for any positions initiated near yesterday’s highs.
