Short this bluff at 174.66 if it gets there — or more aggressively at 173.07, stop 173.16, if 173.07 is hit in the first 30 minutes of the session. You can use put options if you prefer, but I’d suggest at-the-moneys that expire in three week or less. If the order fills and goes in-the-black, sell puts of a lower strike against those owned to produce a $1 bear vertical put spread for ‘even’ or a small credit. ______ UPDATE (March 16, 12:10 a.m. ET): No change, but please note that a short from 173.07 has become slightly more risky because of yesterday’s pullback from a high on Monday that fell shy of it. (Pivoteers may also have noticed that the subsequent pullback would have produced a painless mechanical buy and a profitable ride, since the intraday low — on the opening bar, as it happened — occurred just 16 cents below p=171.48.)
