The Herbalife (HLF) casino trade has made a round trip twice with this most recent drop. After much mocking suffered, Bill Ackman is left laughing last. For a while it seemed like all of Wall Street was firing at his publicized short position in HLF. 

I would NOT catch this knife as things could get uglier. BUT if I am desperate to go long this name I would only put a few bucks into debit call spreads with some time on the clock in case traders buy them up. Call calendars also could work. For this I sell near dated calls and buy farther out in time calls of the same strike and size. The maximum risk is the money I spend up front. Message me if you need more information on these strategies.

Below is a 5 year daily chart. I can't trade this name without zooming out in time to capture the whole picture and evaluate levels from the macro perspective.

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