We hold a single September 270 put acquired a while back for $8 that is about as useful and pleasurable as a hangnail. Before it goes to its reward, let’s look for a way to offset the likely loss, since this stock, a throwback to the Dadaists,  has a chance to move up to 507.24 within the next 4-5 weeks. Our strategy will be to leg into a calendar spread at the 510 strike, starting with the long call first.  September 510 calls (GOPIU) are currently trading for around 7.00, and the September 510-July 510 call spread for about 5.00, but we’ll try to put it least somewhat better by buying the calls when the stock corrects to a Hidden Pivot low. Our goal for purchasing the spread is $3 or so, and if we can get in at the price, our odds of recouping the loss on the put and then some will be pretty good.  For now, bid 5.20 for one September 510 call, good for the remainder of the week. ______ UPDATE: Google swooned $7 this morning, but the calls we were trying to buy traded no lower than 5.90. We’re on the right track, but we won’t pay up. Continue to bid 5.20 for the calls, which are too prized by market makers to  come easily. For your own purposes, keep in mind that our efforts are premised on a powerful rally. _______ FURTHER UPDATE (June 3, 10 A.M.):  The order filled this morning when the Sep 510 calls traded down to 5.10. At the time, the stock was bottoming near 430, down nearly $6 (although it eventually went $4 lower, recovering partially by day’s end).  For now, do nothing further. Keep in mind that our rally target for the stock is above $500, and that our goal is to spread off the call on the way up.