We own four January 134 calls @ 0.34. Continue to offer eight January 137 calls short against them for 0.36. Flat holiday retail sales and sinking hopes for financial Europe are turning this play into a longshot bet. However, it’s always possible that Wall Street’s best and brightest, fueled by hysterical short-covering at the start of the New Year, will succeed in creating one last opportunity to distribute stocks before They pull the rug. If weakness prevails this week, my minimum downside objective would be the 115.72 midpoint of the pattern shown.
