TLT – Lehman Bond ETF (Last:126.34)

If D gives wayThe correction, now in its fifth week, has been nasty, brutish and…long. It also looks like it has at least a little farther to go — to the 125.86 target shown, although any lower would open a path down to 124.50.  That last number looks like the more promising spot to try bottom-fishing, and I’ll suggest that you do so using four April 10 129 calls stopped 0.20 below the price at which you’ve acquired them. If you bid at the higher pivot, use stock rather than options, and a 125.77 stop-loss. _______ UPDATE (March 5, 11:46 p.m.): Today’s low, 125.90, occurred just 4 cents from the correction target given above. The stock is not out of the woods, though, and unless it can hit 127.05 today, the jeopardy down to 124.50 will remain.