Cramer is FREAKING OUT about how great AMZN is. He must have had a bet (or a bonus) on hitting $600. $590 was the pre-market high and already back to $564. Puts are crazy expensive and calls too scary to sell. Oct $600 puts are $50 and the $555 puts are $24 for net $26 on the $45 spread but that's not really exciting so I'm going to wait PATIENTLY and see if they can get squeezed to $600 but it's so stupid it probably won't happen.
Gold, meanwhile, is at $1,080 with the Dollar at 97.50 (yawn). I forgot that we do have 50 GLD Sept $110 calls in the STP covered by Aug $112 calls and the Sept $110s are 0.70 and can be rolled to the Nov $103s ($4.60) and we'll just buy back the Aug $112s (0.12) and sell 1/2 (25) of the Aug $105s (0.90) with a stop on 10 of those at $1.25 and the other 15 at $1.50 as we don't want to miss a rally. Hard stops are OK on the first 10.
I also like oil long (/CL) at $48.50 with tight stops below and /RB over $1.835 - also with tight stops. Watching the Dollar to stay at or below 97.50.
Up is a stronger Yen on this chart as IMF begins to make people think Free Money in Japan may be running out the clock.
