NEW TRADE:  Laddered Iron Condor

 SPDR S&P Biotech ETF (XBI): 88.50

TRADE ACTION:  OPEN the XBI 17 Feb 81 /76 put and the 17 Feb 96 /101 call iron condor for a net credit of around 1.40 to 1.50

STO the XBI 17 Feb 81 put
BTO the XBI 17 Feb 76 put
STO the XBI 17 Feb 96 call
BTO the XBI 17 Feb 101 call

The Master Portfolio is trading 5 contracts