The chart shows Hidden Pivot supports equivalent to the ones I’ve identified today for the cash DJIA. This is for purposes of bottom-fishing at either price, or perhaps both, using out-of-the-money call options. I suggest using four December 12 178 calls if playing for a bounce from the higher pivot (177.19), or 177 calls if from the lower (176.36). The first opportunity would obviously be a non-starter if DIA opens below p=177.19. We should plan on holding this position, and spreading off calls of a higher strike to create a costless vertical spread, within hours, so be prepared to stop yourself out for a loss of perhaps 0.15-0.20 per call if the trade does not go instantly our way. _______ UPDATE (2:08 p.m.): The pullback went no lower than 177.68, negating our bottom-fishing plans.
