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TRADE #34 - Short Cover AMZN 200s @ $58.089 in Datek

Contributed by mm | October 9, 2003 07:45 AM PST

I bought back two blocks of AMZN to cover my short position:

100s @ $58.09
100s @ $58.088

Commission = $10.99

I'm covering my short position as AMZN continues to eat profits from my other winning positions. Also, I didn't see that AMZN price will be rationalized in the near future. AMZN's quarterly earning release and expected strong Q4 earnings may support the stock for another several months which means substantial risk to my portfolio if I don't choose to cover this position (AMZN represented 34% of my portfolio value as of yesterday close).

I'm incurring a tax loss of $5,065 in the book, which helps to mitigate my inadequate tax withholding in earlier parts of the year.

The expensive lessons:

- Don't short a company only for valuation
- Only short until there are signs of business deteroriation
- Also, it makes more sense to short by options -- limited risk and better payout

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Read More ... 44 Posts In The Same Category

01/28/05 | TRADE #44 - Sell TALK 290s @ $6.29 in Roth IRA

05/25/04 | TRADE #43 - Buy WDMH (QQQ Jan 06 $34 Put) 1000s @ $3.50 in Roth IRA

05/24/04 | TRADE #42 - Buy MO 50s @ $45.04 in Roth IRA

04/15/04 | TRADE #41 - Buy WDMG (QQQ Jan 06 $33 Put) 200s @ $3.00 in Roth IRA

04/06/04 | TRADE #40 - Sell OCA 500s @ $8.65 in Roth IRA

03/23/04 | TRADE #39 - Sell RJR 100s @ $58.02 in AmeriTrade

03/09/04 | TRADE #38 - Buy YWZMD (QQQ Jan 06 $37 Put) 600s @ $5.20 in Datek

02/03/04 | TRADE #37 - Buy TALK 290s @ $10.36 in Roth IRA

01/21/04 | TRADE #36 - Buy ZMFME (MSFT Jan 05 $25 Put) 1,000s @ $1.35 in Datek

10/31/03 | TRADE #35 - Sell CI 100s @ $56.291 in Datek

09/22/03 | TRADE #33 - Buy FDP 148s @ $25.94 in Roth IRA

06/13/03 | TRADE #32 - Sell FTHRX 241s @ $11.03 in Roth IRA

05/22/03 | TRADE #31 - Sell S 300s @ $27.91 in Datek

05/19/03 | TRADE #30 - Short AMZN 200s @ $32.87 in Datek

05/08/03 | TRADE #29 - Buy OCA 500s @ $6.68 in Roth IRA | (2)

05/08/03 | TRADE #28 - Sell NTBK 200s @ $11.68 in Datek | (1)

05/06/03 | TRADE #27 - Sell FBR 365s @ $12.20 in Roth IRA

04/22/03 | TRADE #26 - Sell RJR 120s @ $34.06 in Datek

04/16/03 | TRADE #25 - Buy OCA 1,000s @ $4.76 in Datek

03/18/03 | TRADE #24 - Buy RJR 100s @ $33.64 in AmeriTrade

01/14/03 | TRADE #23 - Buy FTHRX 235s @ $10.69 in Roth IRA

01/13/03 | TRADE #22 - Buy FB 100s @ $34.74 in Roth IRA

01/05/03 | TRADE #21 - Sell MTG 100s @ 43.10 in Datek (Backlog for December 4, 2002)

01/05/03 | TRADE #20 - Buy S 200s @ $20.01 in Datek (Backlog for November 13, 2002)

01/05/03 | TRADE #19 - Buy MTG 100s @ $39.50 in Datek (Backlog for November 13, 2002)

01/05/03 | TRADE #18 - Sell MSFT 30s @ $28.50 in Datek (Backlog for November 4, 2002)

01/05/03 | TRADE #17 - Buy CI 100s @ $35.50 in Datek (Backlog for October 25, 2002)

01/05/03 | TRADE #16 - Buy S 100s @ $25.85 in Datek (Backlog for October 23, 2002)

01/05/03 | TRADE #15 - Buy RJR 60s @ $41.80 in Datek (Backlog for September 27, 2002)

01/05/03 | TRADE #14 - Buy RJR 60s @ $47.80 in Datek (Backlog for September 23, 2002)

01/05/03 | TRADE #13 - Buy PPD 140s @ $18.25 in Datek (Backlog for August 2, 2002)

01/05/03 | TRADE #12 - Buy NTBK 200s @ $10.20 in Datek (Backlog for June 26, 2002)

01/04/03 | TRADE #11 - Buy PPD 140s @ $27.75 in Datek (Backlog for April 1, 2002)

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01/04/03 | TRADE #8 - Sell MSFT 35s @ $70.22 (Backlog for June 14, 2001)

01/04/03 | TRADE #7 - Sell EBAY 20s @ $61.75 in Datek (Backlog for June 12, 2001)

01/04/03 | TRADE #6 - Sell EBAY 50s @ $51.25 in Datek (Backlog for April 30, 2001)

01/04/03 | TRADE #5 - Buy EBAY 70s @ $34.50 in Datek (Backlog for March 13, 2001)

01/03/03 | TRADE #4 - Sell BYND 20s @ $8.44 in Datek (Backlog for February 15, 2001)

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