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Options Trading with Option Addict

Option Addict
The first hit is always on the house.
Joined Aug 2, 2009
1,847 Blog Posts

BIOTECH UNDER PRESSURE

Option Addict Tue Jul 19, 2016 10:55am EST 7 Comments

$IBB is at an important spot here today. This range has wound pretty tight here on the lower time frame.

IBB30If $IBB trades under $269-$268, $BIS starts to look a bit more attractive.

BIS30I still think this is set up for higher prices, but that would mean that the dip needs to be bought here today.

OA

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7 comments

  1. Richard
    Richard
    July 19, 2016 at 11:26 am

    Support definitely seems to come in every time it looks like a breakdown is in order. I’m on the sidelines in this space due to Hillary.

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  2. k_melancon
    k_melancon
    July 19, 2016 at 11:31 am

    Nice tight flag forming on the Russell – especially when looking at the hourly chart..

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  3. joe
    joe
    July 19, 2016 at 11:35 am

    Billary mentions she hates the drug sector at the DNC, you can kiss IBB goodbye..that is one scary chart

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  4. heckler
    heckler
    July 19, 2016 at 11:59 am

    BIDU is down again, you must really like it now 😉 Feeling kinda heavy to me though.

    I’m going to take some XOP today

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    • k_melancon
      k_melancon
      July 19, 2016 at 12:49 pm

      I bot some 165 calls…..seems to be hitting the bottom of the wedge here, so good place to take a swing.

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