DIA – Diamonds (Last:110.43)

Harry has reminded me that the 11156 target given in today’s Dow Industrials tout has a DIA equivalent at 111.50 that was flagged here a month ago (the original target was slightly higher).  So that we can at least have a horse in the race, let’s plan on buying two May 108 puts.  Use a lowball bid of 0.76 in the first five minutes, but thereafter you can pay up to 0.86. _______ UPDATE (11:13 a.m. EST):   DIA has fallen sharplyb ut not before it head-faked in the early going, allowing our puts to trade down to 0.84.  We’ll record them as having been bought for 0.86, a price that would have been available to anyone who attempted this trade. They are currentl 1.20 bid, so I’ll suggest taking profits on half the position now.