A Trade For More Weakness

A Trade For More Weakness

$IBB is down over .5% today, and momentum is still negative.  Looking over the chart the downside could continue over the short to medium term with price action finding support at the $240 level.

intra-day the action is setting up for more downside:

In anticipation of this move I have entered the $265 $IBB puts for $1.20.

The concern short term, would be an overall market rally, which could lift all boats, including $IBB.


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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