My minimum upside target is still 35.40, but I’ve lost my appetite for buying puts there, since even a slight breach of that number would portend more strength to as high as 36.38. That would imply quite a move from these levels, but option premiums are too high to be enticing for an unhedged long position. Instead, let’s try to leg into some Dec 36-Nov 36 calendar spreads, starting with a 1.02 bid for two December 36 calls (QQQLJ), good for the first 15 minutes of the session. If the order fills, I’ll put out further guidance in the Intraday Notes section, so keep your Bulletin Launcher switched on if you’d like to be apprised. Do-it-yourselfers, please note: If you can get this spread on for 0.56 or less, it’s a good “do”. ________ UPDATE: Lower the bid for Dec 36 calls to 0.89, since overnight weakness has brought the Cubes down overnight. _______ UPDATE (10:20 a.m.) Lower the bid for the calls to 0.75, since I am now projecting downside to 32.90 for the underlying. _______ UPDATE (12:32 p.m.): Our order to buy four Dec 36 calls filled when the Cubes dropped slightly below 32.90. Now, offer four November 36 calls (QQQKJ) short for 0.60, good-till-canceled.