If the Diamonds fall in lock-step with the cash Dow, look for a tradable bounce from 88.48, exactly. You can try getting long by naked-shorting two October 85 puts, but only if you feel nimble enough to bail out of them if the underlying stock exceeds the target by 20 cents or more. If implied volatilities don’t get whacky — a big “if” in this case — the puts should be trading for about 4.60. I have not featured this recommendation as a Pick of the Day because it involves the naked sale of options. In my estimation, the strategy is far more likely to produce a profit than buying out-of-the-money calls, but that is not the way the regulators and your broker see it.