Current snapshot is below. That unicorn horn did mark a big peak - AMZN dropped more than 10% from that point before finding its legs to come back on up and peak into that upper red rail. Maybe its already done, maybe it has $5 left in it but soon folks. But I think this is very, very likely to end up being a DDT which, when it has the current form, I call an owl. I'm looking for a $200 plunge from current prices.
As usual, because of the predictive nature of EW and especially the mode in which I employ them, few are saying anything bad about the shares right now. Below are the analyst opinions and no analyst has a target of $370 on the shares. Only Argus has them downgraded based on valuation recently. But even they want you to hold this toxic crap.
I am being clear here: the charts say sell, period. I'll be looking closely at the Jan 2017 $400 puts which last sold for $22.60. So 1 contract for $2.2k is about the right amount of exposure for me on this. I can see this being a 3-4 bagger easy. Perhaps more.
Hi captain, do you still hold this put? AMZN hits 640 today.
ReplyDeleteFortunately I didn't follow through on these. I have been playing commodities on the long side swinging with metals using JNUG and JDST and effectively shorting via UVXY.
ReplyDeleteVery fortunate captain! I still think AMZN market cap is ridiculous .... do you think that Jan2017 400 put is still a viable play?
ReplyDeleteBeen following your JNUG and JDST plays, I got out of JDST today and looking to get into JNUG soon; also added UVXY to position from yesterday.