SPDR S&P Biotech ETF (XBI) is up more than 2% this morning, and the premium on our put has fallen below our target closeout price. Let’s book profits now.
Current Stock Price: $87.45
Cash in Hand: $0.78
Action: Buy to close the XBI 19 May 82.50 Put
Recommended Limit: Set your initial limit order at $0.13, but adjust as needed to close today
Profit: $0.65, or $65 per contract
Rate of Return: 0.8% in six days