We hold a long-term position of 800 shares with an adjusted cost basis of 13.07 against eight December 30-35 call spreads shorted for 3.80 at the recent high.  Let’s try to turn the call spread into a butterfly by buying the December 25-30 call spread eight times for 3.60 or better, good till canceled. (It closed yesterday for around 4.00.)  We can’t get hurt to the upside since our short spread is akin to a covered write, so we’ll take our sweet old time waiting for the long spread to come to us at our price if we have to. _______ UPDATE (Nov 16, 12:16 p.m. ET): Cancel the bid for the call spread, since the spread we’ve got on should be protection enough.