Subscribers who followed my advice are long eight November 155 puts [weekly, expiring Nov 22, not Decembers, as erroneously given here earlier] to which I have assigned a consensus-based cost basis of 1.34. My hunch is that the 1.09 stop-loss I advised for the puts will not survive, but we’ll stick with it anyway for the sake of discipline.  With a delta value of 0.38, assuming theoretical values hold true, our stop would trigger with the underlying trading around 156.86.  In practice, since puts often gain ‘juice’ on rallies, it may require a thrust above the all-time high at 157.06 to cause the puts to actually trade for 1.09 (as opposed to merely being offered at that price). _______ UPDATE (12:44 p.m. EDT): Against the puts we hold, offer eight November 22 152 puts short for 1.50, good till -canceled. I estimate that DIA would have to fall to around 153.00 to get us filled.  We are effectively trying to leg on a $3 vertical bear put spread for a small credit. Ordinarily I try to achieve this with a $5 vertical spread. This time, though, I’m being a little more conservative. The net result if we succeed would be a potential $2400 winner with zero risk, and it would take only a moderate decline over the next month to produce the maximum payoff.  Incidentally, today’s decline from the sleazy, bull-trap high is bearishly impulsive on the hourly chart. But we’ll wait to see what kind of c-d follow-through it produces before we start counting any unhatched chickens. _______ UPDATE (October 30, 10:27 p.m. EDT): Okay, the telltale pattern mentioned above is taking shape, with a midpoint support at 155.51 (see inset) that will have to show some pluck if bulls are to avoid getting butchered.  If the pivot gives way easily, however, look for a quick plunge to the D target at 154.88.  Nimble traders can try bottom-fishing there, but the tightest of stops (i.e., 0.04-0.06 points)  should be used. _______ UPDATE (November 1, 2013): Just a slight change:  my minimum downside target for the near term is now 154.65 (5-min, a=156.63 on 10/30; b= 155.10 on 10/31; and c=156.18 on 10/31).