We bought the Feb 95-Jan 95 calendar spread twice yesterday for 1.50, not far above the low. If we can steal the Jan 95s back this morning we should try, since they cannot trade much lower between now and next Friday’s expiration. Accordingly, I’ll recommend bidding 0.15 to cover them. Check back ten minutes after the opening for further instructions, since it may be possible to exit the Feb 95s, and therefore the spread, at a favorable price. _______ UPDATE: We covered the short Jan 95s for 0.15. Adding that to the price we paid for the Feb 95 calls gives us a cost basis of 1.65. Close them out if they touch 1.50 today. Note: We later exited the Feb 95 calls for 1.50 before the stock tanked, realizing a small loss of about $30.