We hold the Jan 130 – Oct 130 put spread four times for 3.40.  We’ve been trying to buy an out-of-the-money call as a hedge, so far with no success. However, option volatility has been falling, and we could catch a lucky break today if we underbid the market. Accordingly, I’ll recommend bidding 2.10 for a single September 170 call,  contingent on the stock trading 164.20 or higher. ______ UPDATE (12:44 p.m.): Lower the bid for the call to 2.00 with no contingencies, day order.  _______ FURTHER UPDATE (4:00 p.m.): We bought the call for 2.00 (after they’d traded as high as 2.83 intraday).  It’s a good thing we didn’t try to buy them for a dime less, since the unregenerate scumballs who make markets in GS options spread-traded them down to 1.91.  That’s their way of buying them for a great price without having to let retail customers in on the trade.