Prime Day has come and gone for AMZN, with the stock reacting poorly post sales numbers release. Given the huge rally in the stock in anticipation, I think the short term high is likely in place for the time being in AMZN. A bearish short call spread makes sense to me here.
TRADE IDEA
Buy AMZN July 777.50 calls (expire 7/22/16)
Sell AMZN July 775 Calls (expire 7/22/16)
0.45 net credit
With earnings due 7/28/16, want to stay shorter term to avoid the earnings date.
