This is a very good example of when to do a strangle. The market is about to choose which direction to go in soon. You have NFP tomorrow, earnings for LB             in 2 weeks, and a rate hike decision coming up. This is the perfect cocktail to take advantage of a big move. LB             is down 11.7% today and could potentially continue down further. I have no idea which way LB             will go, but I expect to make a profit on my 75 strike call 70 strike put strangle setup. I bought this setup 45 days to expiry and only paid a net debit of 4.00. You should see a nice move soon.

Comment: The 70 Strike put is already selling for 4.40 credit... you are already making money on this one, the 75 strike call is selling for .20. all together you started with a net debit of 4.00 and can sell your position for 4.60 credit coming up with a $60 gain. I'm inclined to hold this a little longer and let my put side delta do some work for me.

Comment: Congratulations if you held this setup... your put is now way in the money after the weak sales forecast for earnings.
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