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We've seen the IBB             have trouble with this 368 level many time. We've now touched on it 3 times. and the highest probability move would be back down to the low of the May18-June 6th Channel.

While I still expect a bounce from the oversold condition onthe indexes (QQQ's etc) I am considering a speculative IBB             Put (Short) Position for the next 2/3 trading days.

We are at the lower end of the Implied Volatility range on IBB             (31%), so the premium is fairly reasonable.

One Contract for a 365 Strike Put with about 11 Days to expiration costs $600, and would be worth $900 if IBB             hits 361 (or the bottom of its channel). Thats a 50% Gain.

Stop loss would be 369 or 370 area.

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