We hold a dozen June 130-March 130 put calendar spreads for 1.50, although the stock never got close enough to a 140.71 target to trigger a companion bid for March 137 puts. We’ll sit tight with the position for now even though there are higher targets outstanding for some other vehicles that we trade. Our goal is to roll the spread by selling April and May 130 puts in succession later on. With any luck, a slow decline in DIA will allow us to more than recoup what we paid for the June puts, effectively giving us free, leveraged exposure to whatever weakness develops.
