That’s awesome Ben! Just don’t get addicted to the “juice” from the leverage that options can provide. When you nail the timing, the gains are usually spectacular but as I’m sure you know, it cuts both ways and unlike being too early, yet right on a trade (buying or shorting shares), in which case you will ultimately recover from the loss & go profitable, with options (unhedged put & call buying) you not only have to get the direction right but the timing as well.

Again, congrats & BTW, XBI just hit a decent support level around 59.87 which is defined by the 3 consecutive reaction highs from June 2 – June 6th. The LOD also tagged the 200ema.

Good call jameske. Nice reversal on XBI so far today with some pretty nasty red sticks on the 60-minute chart. Like @Art said earlier today in the trading room, XBI is a “risk-on” trade & if/when those bearish divergences on the broad market finally begin to play out with the market moving lower, biotechs are likely to outperform to the downside by a fair margin.