DIA – Dow Industrials ETF (Last:259.12)

I’d suggested buying July puts expiring next Friday (July 17)  for under $1.00 if DIA rallied to 260.88. This was a difficult trade, since the opening bar occurred on a gap past that number, followed by an hour of hovering that pushed the July 17 240 puts from $1.02 in the first minute to as low as 0.60.  I’ll establish a tracking position if I hear from at least two subscribers who got short on my say-so.  Although DIA subsequently dove to as low as 257.88, the puts lost juice ahead of the three-day weekend and traded no higher than 1.18.  They are keepers, nonetheless, since DaBoyz are unlikely to open index futures higher on Sunday night after traders have had a three-day weekend to steep in grim pandemic news. The lunatics will likely be over it by late Monday or Tuesday, but probably not in time to deflate any puts you may have bought as last week drew to a close. _______ UPDATE (July 6, 6:15 a.m. EDT): The usual lunatics and thieves have joined forces Sunday night, goosing index futures into a steep climb. This means DIA will open on a gap equating to a perhaps 400-point gain in the Dow. The short position will remain theoretically viable nonetheless until such time as DIA trades above 267.14. _______ UPDATE (Jul 7, 9:05 p.m.): The short is now profitable, but it was difficult to tell how many subscribers got on board with puts and at what price. I’ll track four @ 0.65 as reported by one subscriber, but please let me know if you did better or worse and I’ll average the prices. Offer two to close for twice what you paid for them, good-till-canceled.