We took a small speculative position on Friday’s close, buying four September 93 puts (DAVUO) for 0.86 apiece. I’ll recommend closing them out at-the-market if the Diamonds are trading 94.60 or higher an hour into the session. Otherwise, you can offer two to close for 1.16, day order. _______ UPDATE (11:22 a.m.): The post-Labor Day surprise we’d anticipated was not to be, so we exited our puts for 0.63, realizing a trading loss of $92 on the position. The fact that the market passed up a perfect chance to catch investors with their pants down and is headed higher on the first day of the new season suggests that it will continue in bullish mode for a while, at least. If we are to look now for an “October Surprise,” the trick will be to determine which would be the more surprising: a melt-up or a melt-down?