New trade on Amazon.com

With news of the UK existing the Eurozone, aka Brexit, global markets, currencies and US markets have dropped precipitously since last night. The US market has recovered from lows where the S&P was down 100 points overnight to being down 57 points as of 11:30am EST this Friday.

The extreme volatility presents opportunities for us to sell premium on stocks that we can collect a decent credit on by selling Puts. We are still somewhat hesitant to go long the market in a major way due to global and macro headwinds (Brexit, US election, hard landing in China, softness in commodities, etc...).

Amazon.com has been executing and growing in a very admirable way, and they are also profitable. The stock is down roughly $20 today mainly from the Brexit news, and we are selling the July $575 strike Puts on Amazon for .60 cents. These options expire in 21 days and if the stock drops into the mid $600's we will close this position so we don't risk getting put the stock. We're not intending to buy hundreds of shares of AMZN at $57,500 per contract, even though that seems like a good deal.

Shares currently trade at $701, and they would have to drop $126 before we were put the stock.