We hold two June 40-42 call spreads acquired months ago whose cost basis after some earlier profit taking has been reduced to zero. Odds that the position will produce a profit are close to nil, but I’ll keep it open nonetheless, since we may try to augment it now that we’ve blown out our small stock position. Unachieved targets below are at 23.70, an important Hidden Pivot that comes from the weekly chart; and at 24.79, a bottom-fishing number derived from the pattern shown. _______ UPDATE (May 13, 8:20 p.m. EDT): Last week’s selloff fell just shy of generating a bearish impulse leg on the weekly chart. The actual low was 25.57, but it would take 25.34 to exceed a key ‘external’ low recorded on the weekend ended on October 22, 2011. Regardless, the two downside targets given above remain valid.
