I am recommending we roll our SPDR S&P Biotech ETF (XBI) put out one week and to a higher strike to generate more income and reduce our net debit on the position.
Note that this trade is only for members already in the position.
Current Stock Price: $81.48
Net Debit: $14.36
- Buy to close the XBI Jul Monthly (7/15) 75 Put for around $0.05
- Sell to open the XBI Jul Week Four (7/22) 80 Put for around $1.98
- Set initial credit limit at $1.93, but adjust as needed to roll today
New Net Debit: $12.43