I've narrowed down the list to those stocks with a rolling one-year correlation within the range +/- 0.05. So far so good, and what's interesting is that nearly all of these are stocks that you've heard of before and have probably even traded, names like Nike ( NKE), Delta ( DAL), and Google ( GOOG).
Trades: Buy to open AMZN November 240 calls for $12.70 and sell to open AMZN November 255 calls for $6.60.
Note that I'm comfortable adding bullish exposure to AMZN because we already have bearish-facing positions in our portfolio (on China, the Australian dollar, Annaly Capital Management ( NLY), etc. - all previous OP trades). If Amazon breaks down dramatically or some fundamental change occurs, I could be convinced to dump the position, but otherwise I think it's smart to stick with such a clear market leader.
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