DIA – Dow Industrials ETF (Last:170.58)

The Diamonds have come so tantalizingly close to the long-term Hidden Pivot target shown, 171.67, that we should probably do something, anything, just in case a major top is forming. Accordingly, I’ll recommend bidding 0.42 for four Nov 22 150 puts, day order. This is highly speculative, so don’t bet more than you might care to lose. _______ UPDATE (Sep 3, 8:41 p.m. EDT):  Our bid went unfilled; however, when buying options, especially put options, and most especially when the bull is dominant, the appropriate response is to keep lowering our bid until we get filled. According, let’s try bidding 0.36 for six Nov 22 150 puts.  The bid is loosely pegged to the 171.97 target shown, although there’s always the possibility the pullback we expect will come from p=171.25.