SRPT Support Touched. Long Trade Opened. Target: 41.97

We've been patient to wait for consolidation below the 37.50 level. Today, we saw the stock trade down to 34.84 and test the fib extension support at 34.88. We've gone long Jan 40 calls with a stop below 33.90.

Comment:

We're seeing consolidation forming above 34.88, my entry point from last week. Today's 5% decline doesn't seem completely out of line, given today's tape and broad selling. The 35 handle held, and today's lows stayed above last week's lows. I'm using today to buy more.