Buyers were spent before the opening bell Monday after rallying index futures moderately overnight. The failure to make headway in the early going gave way to a begrudging 150-point selloff in the Dow that took bears more than two hours to get rolling. That’s why I am not looking for much follow-through on Tuesday. Whatever happens, we hold two tracking positions — one bullish, the other bearish — in DIA that will give us a horse in the race no matter what. Subscribers who reported filling the bearish trade in the chat room have already logged a theoretical gain of at least $284; but the bull play — buying May 18 248 calls near what turned out to be their intraday low — will need a strong rally to turn the position into a risk-free vertical spread as intended.
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