The biotech ETF XBI has finally let off the steady climb higher … trading down about 2% today. We can close out our 26 May laddered iron condor for a reasonable profit. We entered this trade back on 4/14 for a credit of 1.60 and can get out for around for a net debit of around 1.00 to a 1.05 and a $55 to $60 per contract profit. Let’s close the trade and we will add a new ladder rung in the workshop session tomorrow at 10:30 AM Eastern.
SPDR S&P Biotech ETF (XBI): 84.00
TRADE: CLOSE the XBI 26 May laddered iron condor for a net debit of around 1.00 to 1.07 (work the trade, prices are bouncing)
BTC the XBI 26 May 85 call
STC the XBI 26 May 90 call
BTC the XBI 26 May 74 put
STC the XBI 26 May 69 put
Master Portfolio: 5 contracts