The bet is that Amazon pulls back to ~1800s, which would be the pre-2020 share price range.
There is a 'circlejerk' around this stock. Investors are wearing multiple pairs of rose-coloured glasses despite seeing facts that the company isn't as pristine as they would like to believe. When dissenting opinions, facts, and figures are shared, there is an automatic claim that the person is a 'bear.' They would rather block the user than to hear the...
Call at $300 for Sep 3 seem like a good move. Went from ~$45 to $4.5/contract. I would expect a likely rally back to high 290s/low 300s.
Bought some calls for a PT of $50 for their July earnings call.
If CMC continues on this current downward trend, it should hit ~0.7 by the end of March, 2021. If/when it hits this convergence, this will be the quintessential fork in the road; it could pull back and skyrocket, or this could collapse the stock back to original price (lower than ~0.3s). The fundamentals & news of this company do suggest a positive outlook, but...