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.