Our put tracking position has performed very well. That’s because, based on my initial guidance and updates, subscribers were able to buy the options precisely when the broad averages were topping last week.  Based on reports in the chat room, quite a few subscribers took this trade, and some have reported realizing gains so far exceeding $3000. Officially, however, I am tracking three March 31 208 puts that remain from an original purchase of sixteen. Based on Friday’s 2.60 closing price for the puts, the tracking position’s gain is $1090. For now, continue to offer a single contract to close for 3.70.  If you purchased a multiple of the original 16-contract order, you can increase the size of your offer commensurately.  DIA’s intraday charts suggest it could fall as low as 203.37 this week if the pattern shown (see inset) plays out as we might expect. Although DIA rallied into the close on Friday, this occurred after it had decisively breached the midpoint Hidden Pivot support at 205.34. That’s mildly bearish. Keep in mind as you hold a few puts to swing for the fences that they would be worth nearly 5.00 apiece if the target is reached before Wednesday.  That amounts to nine times the 0.56 we paid for them less than a week ago. ______ UPDATE (Mar 26, 8:12 p.m. EDT): Index futures have broken sharply lower Sunday evening, putting us in good shape to take more profits. Anything could happen on the opening, but on the premise that the puts will spike to their intraday high moments after the opening bell, I’ll recommend offering two thirds of the three-contract position (or multiple thereof, depending on how many you still hold) for 5.90.  This order should be placed BEFORE the opening. If it is not filled, cancel it immediately and sell the options at-the-market.  You should keep the remainder of your position for a swing at the fences. _______ UPDATE (Mar 27, 10:34 a.m.): Based on reports in the chat room, subscribers were able to exit the puts for around 4.00 by using the cancel/replace strategy suggested above. That brings the total realized gain to $1370, a number that appears to be in line with reports in the chat room. We still hold a single put that I suggest keeping until Friday. _______ UPDATE (Mar 30, 7:34 p.m.): The puts expire today, and I’ll leave it up to you to exit them if you still hold any. They closed with about 1.00 of intrinsic value and will move penny for penny with the stock on Friday as long as they remain in-the-money. Good luck!  Subscribers who followed my initial guidance reported gains on the position of $900 – $4000, with $1400 about average. _____
UPDATE (March 31): The final put option fetched an easy 1.65 all day long, putting the total profit on the position, now closed, at $1535. Some subscribers reported doing significantly better, others a little worse.  All, however, reported making a profit.