Cody, we’re going to close it out today (5/27) but here’s my guess.
Analytics get a little goofy when it comes to calendars because it’s difficult to account for term structure and event risk.
In this case, AMZN has earnings in the Aug cycle… and if you look at the implied volatility difference, it’s pretty wide.
Aug options @31%
Jul options @23%
Because of this, the overall premium is much, much higher on the August options, and the analytics platform assumes that a certain amount of time decay will be taken out on each option. Since the value of Aug options is so high relative to jun, it assumes that negative theta comes into play.
I don’t think this is the case, and the premium in aug will stay bid… it’s just “goofy” analytics.