AMZN is getting extremely extended at these levels. With premiums very high, looking at positioning in a guardedly bearish fashion with a put calendar trade.
Looking to buy the 700 strike puts that expire next week and sell the 700 puts that expire this week. Idelaly AMZN closes near 700 this Friday.
Buy to open AMZN May 700 puts (expire 5/20/16)
Sell to open AMZN May 700 puts (expire (5/13/2106)
4.70 net debit