We continue to hold two August 98 puts for 1.06 and four July 96 puts for 0.70.  DIA bottomed yesterday almost to-the-tick on the target I’d flagged in the chat room, but the weak close suggests that selling could gain momentum today. Let’s be ready to leverage disaster with a “stink offer” of 1.40 for four July 90 puts, good-till-canceled. If this short is filled, we will have legged into a $6 vertical put spread with $530 of profit potential for each spread, a worst-case gain of $350 for the entire position, and no possibility of loss. For your information, the Diamonds would need to fall to around 95.79 this week, equivalent to about 7%, to push the July 90 puts up to 1.40.  This estimate is based on a moderate increase of about 6% in the volatility of July options.  The parameters I used are shown in the option calculator (inset).