Covering AMZN short at $81.35

AMZN hit $81.35, so my conditional order was triggered. I was a little tempted to move the conditional order up a couple bucks to keep me short up until tomorrow's earnings report, but resisted. Overall, it was a loss of $50 with commissions. I'm fine with it as it was mostly a hedge against the possibility of this rally giving up. A pullback from the rally is what was expected, and although we got a big loss on Monday, that loss has almost all been erased. I think we'll find a new trading range up here, and I'll continue to sell puts just below the trading range in great companies I wouldn't mind owning.

The Jul '09 AAPL 100 put is now trading for $2.67. I wouldn't sell for such low premium, so it makes me wonder if I should hold for such a low premium, or take my gains and open a new position. At some point I'll probably end up putting a conditional sell on to take gains if APPL drops and open up a new Oct '09 position with a fatter premium.