I like looking at the options expiring on Fridays. They are cheap and have no time value. So if you look at the short term charts and think a bounce will happen within the day it can make a nice move for you and you risk very little.
So yesterday I looked at BIIB and it was heading down, but seemed it would bounce within the day. At this time the price was around $282 and I picked up 4 285 calls that expired that day for .05 each.
So my total risk for the 4 calls was $32 spent. And I sold them 2 hours later for $.50 ($200).
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