DIA – Dow Industrials ETF (Last:)

I’ve grown sweet on that 184.04 rally target over the last few days. DIA has taken such timid steps toward it, however, that one might be discouraged from thinking the target will ever be reached. However, the ease with which the stock blew past the 181.66 midpoint pivot is reason enough to think it’ll get there. If and when that happens, let’s plan on shorting at 184.04, even if it’s reached on the closing bell ahead of a three-day weekend. You can initiate the short in any way that suits your style, but officially we’ll look to buy four June 5 182 puts with DIA trading within 0.05 of the target. Stop yourself out if they trade for 0.25 less than you paid. Don’t pay up, either, since the life span of these options will be shortened by a full day next week.