Small Account Trader PRO Alert: Close XBI 3 Feb Iron Condor
The biotech ETF (XBI) has been trading in the 82 range for over 3 months and in the last 7 days as spiked as high as $89.63. The XBI may be a bit overbought right now, but rather than wait to see if it retraces let’s close our 3 Feb laddered iron condor for a small profit. We will add a new leg later this week.
TRADE CLOSE: XBI Laddered Iron Condor
SPDR S&P Biotech ETF (XBI): 88.74
TRADE ACTION: CLOSE the XBI 3 Feb 70 / 75 put and the 3 Feb 90 / 95 call for a net debit of around 1.20 to 1.25
STC the XBI 3 Feb 70 put
BTC the XBI 3 Feb 75 put
BTC the XBI 3 Feb 90 call
STC the XBI 3 Feb 95 call
The Master Portfolio is trading 5 contracts.