a 6M ATM worst-of {XLF (=inancials) call, XLU (utilities) put} for - 1.38% (65% discount to the aver=ge vanilla option) 4. Post earnings — Buy Hea=thcare & Biotech on improved outlook: Buy Calls on Bio-Tech Index. A D=c 104% ($310) IBB Call costs $12.70 (4.1%, ref $296.00, 26.0 vol, 41 delta) 5. USD Strength T