Amazon.com, Inc. (NASDAQ:AMZN) continues to thrive under its awesome leader Jeff Bezos. Skeptics have been loud all along its rise and they have all been silenced. Critics misidentified it as an over-inflated stock that was on the path of imminent collapse. Instead AMZN management caused the demise of most its competitors most notably the retail sector.

Click to Enlarge More recently, AMZN took the “cloud” industry by surprise as they became the dominant player there leaving not much room for meat on that bone.

Going long Amazon stock recently has been easy. I’ve shared many winning trade setups on AMZN and most recently one that delivered fast prime profits.

So I should go long the stock again right? No. Today, with bullish profits in hand, I want to take a bearish bet into the earnings.

This by no means reflects my opinion of the future prospects of AMZN. This is a pure bet against its earnings event price action.

The Bet: Buy the AMZN May $890/$885 debit put spread for $2 per share. This is a bearish bet where I can about double my money if AMZN falls through my spread by mid-May. I am targeting the earnings event as the potential trigger for the move.

But like I said earlier, I still believe in AMZN fundamentals. So to eliminate my out-of-pocket expense, I will sell bullish risk against proven support levels.

The Bank: Sell the AMZN Oct $670 put naked and collect $6 per contract. This is a bullish trade that has a 90% theoretical chance of success.

As long as AMZN stock stays above my sold October put, any premium I recover from selling my May debit put spread would be pure profit.

By selling naked puts I am committing to owning Amazon stock at my sold strike even if it falls below it.

Learn options as easy as 1-2-3 here. Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. You can follow him on Twitter at @racernic and stocktwits at @racernic.