Earnings are scheduled for after the close on October 26th for AMZN … I posted on October 18th & 19th (click here) the reason why I had started a bearish position on AMZN and today’s close saw AMZN push right into the area that I thought would hold going into the earnings report. Here are the updated daily charts …
AMZN – Daily Chart #1
AMZN – Daily Chart #2
I suspect that any bounce coming out of the earnings report will be the bounces I will be looking for to get more aggressive in shorting AMZN. I have a Nov 24th weekly put spread (1000/980) that is trading at about $13 currently vs the $8.72 I paid on the 18th. Max profit is $20, so I will see where AMZN is trading tomorrow to see if I want to take partial or entire profits before the earnings on Thursday.
Cheers … Leaf_West