The nearest resistance is a Hidden Pivot midpoint at 29.04, so let’s plan on buying two January 30 puts (MOJMF) if the stock trades there. If you want to park a limit order with your broker to execute this order (risking going unfilled, though not overpaying), make it 4.60 bid. This is a day order. Merrill’s upside potential is to 36.04 if it smashes through our number, so let’s plan on stopping ourselves out if the stock trades 30.01 or higher. _______ UPDATE: Merrill collapsed after peaking at 29.25 a day after we canceled the order. If you did it anyway, I’d suggest selling one of the puts on the current bid, 8.20. That would give you a cost basis of 1.00 for the put that remains.