Time to close our first rung of the XBI ladder for profits. We put this trade on for a credit of 1.22 and we can close it today for 0.58 debit. This is roughly a 63% return on the position. With the XBI moving up it makes sense to close this now and then reset another rung Friday in class.
Only close this rung of the ladder. The other rungs should remain open.
TRADE: CLOSE XBI 20 JAN Laddered Iron Condor
SPDR S&P Biotech ETF (XBI): 82.67
TRADE ACTION: Buy/BTC the XBI 20 Jan 69/74 puts and the 87/92 calls Iron Condor for a debit of around 0.58.
BTC the 20 Jan 74 put
STC the 20 Jan 69 put
BTC the 20 Jan 87 call
STC the 20 Jan 92 call
As mentioned above this is 0.64 profit per contract.
The 50K account is trading 5 contracts.