Akamai’s rally is nearing a level where we might be able to spread off the risk of the four August 25 calls we bought a while back for 0.90. Let’s offer four August 27 calls (UMUHI) short for 0.95, good till canceled. If the order fills, we will have legged on a $2 vertical bull spread for a small credit. It will give us a position with no possible loss, a minimum gain of $20, and a maximum of $800 if the stock is trading above 27 come August expiration. My guess is that AKAM will have to reach $24 (or so) to fill our short offer at 0.95 by mid-June. _______ UPDATE June 21):  The stock turned instantly into garbage with last Wednesday’s gap-down opening; however, because it’s due for a dead-cat bounce, let’s try to exit our calls somewhat above the market. Offer them to close for 0.70, good till canceled.  Make that offer one-cancels-the-other with an order to sell the calls on a 0.40 stop-limit. _______ UPDATE (6/22 11 a.m.):  We exited the calls near the opening, realizing a loss of about $200.  The reason we bought the options in the first place was to take a flyer on a stock that Motley Fool had touted as, more or less, the Stock of the Century.  The 22nd Century, perhaps. Let’s hope they record the loss, just as we have.