There’s an important promising rally target not far above, at 171.67, and although we can try to ride the last segment of the implied thrust to that number, the more appealing trade lies in getting short when DIA gets there. To facilitate the trade, I’m going to attempt something a little different this time, legging into a butterfly spread by buying far-out-of-the-money puts first. Specifically, I’ll be focusing on put options that we can buy in quantity (i.e., 50) for 0.05 or less.  This would give us initial exposure of perhaps $250, but if we catch a top of at least short-term importance, we’ll stand a good chance of legging on the rest of the spread so that we are left with no risk whatsoever.  Even more important is that doing the remainder of the spread will be relatively easy if DIA tops at our number. _______ UPDATE: (July 9, 2:25 a.m.): We’ll put this one aside for now, since DIA’s recenty topped missed reaching the target by 1.20 points. This is bearish on its face, so our trading bias should be negative for the time being.