Amazon Stock: Overhead Supply Looms Large as Earnings Approach
2023.08.02 04:24
The biggest scheduled event this week is on Thursday, after the close, when AAPL and AMZN both announce their earnings. I have acquired January $145 puts on AMZN with an eye toward the stock breaking its already slightly-damaged trendline. There are 171 days left on these puts.
The longer-term picture illustrates just how massive the overhead supply is. This is my ally.
Incidentally, all my puts span from January through June of next year, with the exception of XLU, which expires on September 15th, a mere 45 days from now. I like to play it safe. I had acquired some September SPY puts as well, but I dumped them immediately this morning at the world’s smallest profit, because yesterday’s out-of-the-blue pop higher reminded me that, short-term, my trust in this market should be at precisely zero.
