IBM looks bound for a Hidden Pivot target at 89.04. We can leverage the rally without much risk by legging into a calendar spread at the 90 strike. However, I’d attempt it only if we are able to do the “buy” side at better prices than those that prevailed at yesterday’s close. Accordingly, I’ll recommend bidding 2.34 for a single January 90 call (IBMAR). That’s about what it should sell for if the stock retraces half of yesterday’s thrust before heading higher. _______ UPDATE: We bought a January 90 call (IBMAR) for 2.34. We’ll try to spread it off, shorting a December 90 call on strength, but for now do nothing.