BIIB

#ShortStrangles – Wild move with the announcment of the new drug. Have to admit I didn’t know that was in the pipeline. Was short 220 puts against a 315 call (2 puts x 1 call). Closing the short call for safety and letting the short puts ride. Will look for new put sales to make up the difference.

Bought to Close BIIB NOV 6 2020 315.0 Call @ 24.25 (12.30 premium received so loss of 11.95)

#onlyspreads