Our pair of May 18 248 calls came back from the dead with the spirited bounce off Tuesday’s bombed-out lows. The options had traded for as much as 1.52 on Monday, although Rick’s Picks subscribers, following my instructions, were able to buy them for 0.85 or less toward the end of the day.  But on Tuesday, with the Indoos down more than 350 points, the calls fell to 0.26 before recovering to 0.50 on the close. For now, I’ll suggest doing nothing further.  The bounce in DIA is encouraging, but it’ll need to surpass the 245.56 peak notched last Thursday on the way down to give our options a fighting chance. _______ UPDATE (May 3, 4:48 p.m.): We sure as heck wouldn’t short the May 18 248 calls for the pittance (0.24) quoted at the close. That in itself implies that neither should we despair over the prospect of holding them for a while longer.  They still have two weeks left on them, and anything could happen.  For now, offer half the position (i.e., one option) to close for 1.10, good-till-canceled.