We spent the entire week patiently waiting for DIA to hit 222.62 so that we could buy puts when it was close to an important rally target. Alas, although we got the trend right, the little sumbitch topped in the final minutes of Friday’s session at 222.57, a mere 0.05 points shy of our benchmark. I am canceling the trade because it is impossible for me to know in advance exactly how the stock will open on Monday. Buying puts with DIA very near 222.73, the actual Hidden Pivot target, could prove to be the ticket. But if the stock opens higher and cruises into the wild blue yonder, it will be difficult for me to adjust any put bid I’ve advised on-the-fly. I’ll be in the chat room nonetheless, so be sure to drop in if you’re interested in the trade and opportunity knocks.
