We hold 300 shares from 42.01 against three June 40 put-May 38 puts spreads legged on for a 0.50 CREDIT. Legging out of it has proved to be more than a small annoyance, since the stock hasn’t quite reached our rally targets although its declines have been on opening-bar gaps. I will nonetheless recommend exiting the May puts today at-will, catch-as-catch-can.  Officially, I’ll buy them back at-the-market on the opening. But subtler, more profitable tactics will be possible if you use Hidden Pivot coordinates as follows: On weakness, my minimum downside target would be 33.44, the ‘p’ midpoint of the Daily-chart pattern A=42.89, B=34.34, and C=37.72.  Slippage beneath the midpoint would therefore imply 29.17, the midpoint’s ‘D’ sibling. However, there is one more possible support where you could look for — and potentially leverage — a bounce: at 32.76, where trendline support would come in today on moderate weakness. ______ UPDATE (1:22 p.m. EDT):  May 38 puts could have been covered anywhere between 5.75 and 3.70, so we’ll use the 4.50 midpoint as our price. Since we shorted them for 2.85, we’ll impute the 1.65 loss to the 2.35 we paid for the three Jun 40 puts that we still hold, bringing them to 4.00.  We are also long 300 shares from 42.01. At current prices, the position loss nets out to around $1600.  The position gives us the ability to short three June 40 calls without risk, since it would give us a “reverse conversion” that nets out to no position at all at June expiration. Accordingly, I’ll suggest offering three June 40 calls short for 3.70, good-till-cancelled. They are currently trading for around 0.80, so the stock would have to rally powerfully to get us filled. And, yes, this is much busier than I’d ever intended for a long-term hold.