We’ve been bidding for Nov 22 350-360 call spreads, but I’m now going to suggest going further out in time and higher in price. Using the 411.45 rally target shown in the chart (inset) as a price objective for the remainder of 2013, I’ll recommend bidding 0.40 for 16 December (monthly) 400-410 call spreads, good till canceled. You can pay that price as long as the stock is trading 333.50 or higher, but if it falls beneath that level, reduce your spread bid by 6 cents for each $1.00 the stock declines.
