We hold four September 84-May 84 call spreads with a cost basis of 3.82. We will be cutting it closer than I had imagined in trying to come away with a decent profit, but it should be easily possible if the Diamonds get drawn lower this week, passing once again through the “equator” at 84.  The position leaves us somewhat frontspread, since the May calls that we are short will pick up deltas more rapidly than the Septembers we are long if DIA rises.  We’re currently short the equivalent of 40 shares, but that would grow by another 160 shares if the stock is trading above 84 come Friday.  Maximum profit would be about $120 per spread, or $480 total.  That is the estimated value of the September 84 calls with DIA trading for 84 at expiration.  Check in intraday if you hold this position, since I would be tempted to take the money and run if we can exit the spread for, say, 4.50-4.60 over the next couple of days.