It’s been a while since we looked in on this vehicle, but that doesn’t mean we’ve lost interest, no sirree. Someday the phrase “Why do you think they call it junk?” will be in vogue once again, and it therefore behooves us to make potentially gainful preparations. Let’s limber up with a 0.40 bid for eight puts at the 34 strike expiring December 19. You can work this bid as long as JNK is trading 38.85 or lower.  If it’s between that price and 39.15, you should lower the bid to 0.35.  The market makers may be a little freaked to see a bid materialize out of nowhere for this very thinly traded option, but we can adjust our tactics once we’ve seen how they react. ______ UPDATE (June 17, 10:04 a.m.): Many reports in the chat room of options bought for 0.40. They came easily enough that we can infer we overpaid. Regardless, here’s step two: Offer a like number of Dec 19 options at the 32 strike short for 0.40 good till canceled. We are attempting to leg into a riskless $2 vertical spread, but JNK will have to fall hard to get us filled. _______  UPDATE (June 24, 12:46 a.m.): Stop yourself out of the puts if they trade for 0.20. ________ UPDATE (July 6, 10:58 p.m.): JNK has been inching lower, but at least that’s progress.  Continue to offer Dec 19  32 puts short for 0.40. Lately, they’ve been trading on a tight “inside” market of 0.20-0.22.