Tuesday, September 25, 2012

$AMZN Bull Put Spreads At Trendline Support

9/25/12
Amazon pulled back today and held at the rising support line.  Stochastics have worked off their oversold conditions, and the Bollinger band and 50-day moving average have risen above the short strike, which is also over 3 ATRs away.  A little bit of price/volume resistance in the 245-250 area as well.

I'm not condoring these spreads right off the bat.  If anything, I will wait and watch the price action over the next few days.  Currently an 84% probability of max profit on this trade.

Trade:
STO AMZN Oct 240/235 bull put spreads for ($1.62-$1.10) x 100 x 5 lots = $260 credit


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