Amazon (AMZN) has to be near the top of the list of stocks that frustrate. This is the third time I can remember the stock hitting both my downside price target and upside price target after hours, or after hours and within the first few hours of regular trading. The pattern has been lower, then higher. It is important to note, however, that AMZN is doing something different today: It faded away those after-hours gains in the very early going. Support held near Tuesday's closing levels, which I view as $268 rather than the $260 level being quoted because that close was based on a spike lower in the very last second of trading. Another earnings release came a few seconds too early, perhaps -- better than a few minutes, or even an hour early, I suppose.Amazon (AMZN) Source: StockCharts.com View Chart » View in New Window »
I am down on my position, but I have bought back the short February 1 $305 calls and February 1 $240 puts. I am now left with a March 15 $265 puts/$280 call straddle. I will make changes to this, but there is no hurry today, so I'll study the chart for the next day or two, then look to make adjustments late Friday or at the start of next week....214 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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