Market is looking a little toppy at these levels. Price action today was sloppy at best, and with oil now well below the $38 inflection level, should be a struggle to head higher over the next few weeks.
With oil struggling, the solar names should start to see a decided reaction.
Let’s take a guarded bearish position in SolarCity (SCTY)
Buy SCTY April 24 puts (expire 4/15/16)Sell SCTY April 24 puts (expire 4/8/16)
Net debit 0.75