Trade Alert: AMGN

With earnings out of the way, AMGN is positioned to generate a clean Sell  on a close today below $177.23. AMGN is currently trading at $174.25, so a Sell appears very likely. The "Make or Break" (MOB) target for this move is $160. 

We will be buying the Jan $175 Puts, currently trading at about $7.50-8.00.

This link discusses the current weakness in the Biotechnology sector:

Biotech Battered To 2-Month Lows As Celgene Crashes