The 132.54 target (corrected by 0.03 points) still looks very short-able (see inset). Camouflageurs should guard against a downturn from somewhere below that number, but officially we’ll short it by buying four January 128 puts if and when DIA gets within 0.08 points of the target. The options would be a good buy for around 0.90, but you can pay as much as 1.00 for them (with DIA at or very near 132.54) if that’s where they happen to be offered. Stop yourself out if the puts trade for 0.25 less than you paid for them. (Note: If any camouflageurs get short from an intraday high that falls shy of 132.46, please let me know in the chat room so that I can establish a tracking position for your further guidance.) _______ UPDATE: With DIA on its way to an intraday high at 133.12, subscribers reported paying as little as 0.94 for the puts. As is customary, however, I will use the worst price reported, 1.00, as our cost basis. My intention is to spread off our risk by shorting puts of a lower strike against those we own. This will of course work out best for us if DIA is falling. For now, however, do nothing further.
