We hold two September 95 puts for 1.76 that we bought when the Diamonds rallied yesterday morning to within a single cent of our Hidden Pivot target, 95.82. Continue to offer two Setpember 92 puts short against them for 1.40, good-till-canceled, but stop yourself out of the existing position if DIA touches 95.70 today. ______ UPDATE (1:15 p.m.): Although option volatility got crushed on this morning’s rally to nowhere, using a 1.70 stop-loss, we still managed to exit the puts for about what we’d paid for them. At this rate, we can painlessly pick tops for the next two years if that’s what it takes to nail the Big One.
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