There’s nothing to guarantee that we did not bail out of our puts too soon, since the market could take a flying dive into hell today for no good reason. Regardless, in exiting May 108 puts for a small profit, we followed a chiseled-in-stone policy of never taking gains on puts — even small gains — for granted when we’ve boarded a downtrend with perfect timing.  Options are a tough enough game to beat without trying to make money on significant bear moves that occupy the stock market about 0.01 percent of the time.  So what would it take now to put the Diamonds back on an unmistakably bullish track? Let’s set the bar at 111.26, a midpoint resistance shown in the accompanying chart. I’ll further stipulate that that number be exceeded on a closing basis before we infer that still higher prices are likely.