DIA – Diamonds (Last:107.13)

Diamonds (DIA) price chart with targetsYesterday’s asphyxiating, range-bound slog, which baby-stepped the Diamonds to within 0.24 points of a 107.61 target, killed my appetite for the trade, but we’ll do it anyway because the target itself remains valid.  Short there however you please, but I’d suggest stopping yourself out if the September 104 puts go into the red by 20 cents or more.  We’ll also need to be alert to the possibility that yesterday’s rally, close as it came to the target, may have been a final gasp of at least short-term importance.  We are currently long a bear put spread three times @ 0.76 — short three August 102 puts against six long August 98 puts.