Our bullish position includes four Sep 84 (DAVIF) -May 84 calendar spreads for 3.45 and a September 76 put for 1.49. The spread is currently trading for around 4.00, yielding a theoretical gain of $220, but we can probably do better, so let it ride. If the Diamonds hit 84 this Friday, we’ll try to exit for around 4.50. The timing would favor us, since it’s probably going to dawn on traders by then that May options expire on the earliest possible date, the 15th. Anyway, come Monday, May option premium will start to melt away fast.
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