This is taking advantage of a Failure at new 20 day high, it beat 4 days ago, but has corrected quickly back in....shows weakness. I prefer Put options due to risk of false break out again at highs if pushes up one more time in next few days; I figure June expiry is enough time and only looking for a 4% correction obvious support $1.00 below or more... For $400 risk, I can profit about $250 after brokerage if works out. I bought 500 slightly out of money puts with a delta of 0.43 gives position size equivalent of $ 6800 worth.
Trade closed: target reached
⋅
Proft +6% ...a little better than original target of +4% in a few days.