We exited our January 60 call on the opening for 4.50, and if you followed my advice exactly you would have realized a profit of $280 for holding onto this position for two days. I might have stuck with this this one for a while longer, but we must pay heed to the fact that at yesterday’s highs, Target failed to create a bullish impulse leg on the weekly chart (see inset). This is not necessarily ominous, and I still like the stock as a defensive play, but it implies that any significant progress above yesterday’s spike high could be labored, eroding the time value of our call option.