Friday, April 26, 2013

Crunch - cover AMZN after earnings

I buy back the short vertical put spread on AMZN for a small loss @254.5 down over 7% on the day. The loss is small in dollar terms, big in percentage terms, especially if I add in the four commissions. 

I don't like the way the stock is trading. Some talking heads were all positive on it, despite the poor tape action. If the over all market tone were better, I might have held on, but I recently wrote about a storm warning for the stock market. A big storm could capsize the AMZN boat. I took a chance, as we all do taking a position before earnings. I lost this time.

Net long APC SPY
Net short LEN

No comments: