Celgene has some $95 puts expiring next month for a premium of $1.30. That means that by selling these puts we can get put the shares just above the 52-week low if we were lucky enough. S&P has a 12-month target of $160. I would love to own shares of CELG near the 52-week low so i will sell some Aug Puts.
Next, if this is the bottom and Celgene is done testing the bottom for a 3rd and final time due to Brexit, then I think this is the beginning off a 5 move. If this is true then I will try to catch the .
Trigger: 102:20; Stop: 97.91.
If Celgene can make this 5 wave move up I will probably hold the stock and sell calls due to the premium of the options and see if $160 is actually plausible.