We’re playing with the house’s money in this stock, since we made a nice chunk of change leveraging low-risk calendar spreads tied to the April expiration. This time I’d like to short the little flying pig, probably by buying some way-out-of-the-money put calendar spreads at the peak of the stock’s next rally. That could occur at 128.92, my minimum upside projection for the near term; or at 144.27 if any higher. We’ll want to short 128.92 with a tight stop in any event, but it behooves us to find an entry strategy to capture the implied $6 rally in the meantime. There was decent “camouflage” on the hourly chart to have done so at 119.95 yesterday, but having missed the opportunity, we’ll simply have to wait for the next. FYI, the rally target associated wtih 119.95 is 125.17.
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