We hold two August 98 puts for 1.06 and four July 96 puts for 0.70.  Close out the July puts if DIA exceeds 97.68, since that’s where the five-minute chart would turn ever-so-slightly menacing for bears.  Otherwise, we’ll continue to hold for a possible relapse down to the 95.42 target given here earlier.  If a rally makes it to 99.06, I’ll put out an advisory, since we’ll want to lay in some more August 98 puts on any ostentatious show of “strength.” _______ UPDATE (9:41 a.m. EDT):  The market looks like hell, unable to capitalize on the feeble short squeeze that had developed overnight. Still, not wanting to take chances owning soon-to-expire puts into even a wafting uptrend, we sold the Julys for 0.97. Imputing the profit thereof to our cost basis for the August 98 puts brings them down to 0.52 apiece. Incidentally, the Diamonds made a tradable top at 99.08 early in the session before pulling back 47 cents.  You’d have to have caught the short on your own, however, since I was unfortunately too busy putting out fires at the time to publish a bulletin. _______ FURTHER UPDATE (1:19 p.m. EDT): DIA has gotten second wind as of this moment and is presumably headed toward a top equivalent to the one at 1149.25 that I’ve projected for the E-Mini S&P.   Since DIA has exceeded any target I can project for it today, I’ll suggest buying four more August 98 puts if and when the E-Mini S&Ps reach 1149.25. _______ FURTHER UPDATE (4:03 p.m.):  We bought four more puts as advised, for 2.65. This gives us an average price of 2.13 for the six now held. No further action is suggested at this time. _______ FURTHER UPDATE (1:13 p.m. EDT):  In the chat room, I’ve recommended shorting two August 102 puts for 3.70 against our position.