Our 24 Mar XBI laddered position has crossed the 50% of max profit threshold. With the market down and the Fed looking to speed up rate hikes, let’s take our profits now. We entered this trade with a 1.41 credit and can exit with a 0.65 to 0.67 debit … 53% of max profit. Let’s close this trade now.
SPDR S&P Biotech ETF (XBI): 82.83
ACTION: CLOSE the XBI 24 Mar 73/ 78 put and the 24 Mar 91 / 96 call for a net debit of around 0.65 to 0.67
STC the XBI 24 Mar 73 put
BTC the XBI 24 Mar 78 put
BTC the XBI 24 Mar 91 call
STC the XBI 24 Mar 96 call
Master Portfolio: 5 contracts.
We will look at opening a new XBI laddered rung later this week.