We hold eight December 40-45 call spreads for free — and a good thing, too, since I’m at the point of averting my eyes lest this stock, with its by-now gratuitous feints above $40, annoy me any more than it already has. Yesterday’s dirge pointed down to at least 38.72, but any lower could turn recent, important lows at 38.40, 37.39 and 36.33 magnetic.

Despite all this, the weekly chart is struggling to make hay with an indisputably bullish impulse leg (A=36.33 on 9/28; B=40.91 on 10/5) that projects to 41.97 — 67 cents above the recent high. Please note, however, that it would be quite bearish if a negative impulse is generated without that target having been reached. For that to occur, the stock would need to fall uncorrected past ‘externals’ at 37.39 and 36.33. _______ UPDATE (November 15, 9:55 p.m. EST): Yesterday’s nasty slide was the death knell for our bull spread, which fortunately cost us nothing. Both of the ‘externals’ noted above were breached, leaving us hoping that whatever rally lies ahead will be easily shortable.  If we can’t make money being long this stock, then we might as well go with the flow. ________ UPDATE (December 5, 9:36 p.m. EST): When it hit 35.84, the stock signaled more downside to as low as 31.20. It’ll have a last chance to turn around from 34.29, the midpoint support; or from just beneath November 16’s 34.78 low, where some stops are likely to get run. _______ UPDATE (12:25 p.m. EST):  The next day, the stock made its turn from — surprise, surprise — 34.79, embarking on a manic tear to 38.42 that with today’s plunge is starting to look like just another bull trap. This stock has been such an annoying little piece of crap that perhaps the next time it pokes it nasty little snout above $40, we should take it seriously. (Please note: The “Last Price” given in the header is the price where the stock was trading at the time of the most recent update.)