Coach, Inc (COH) has broken above its 200 day SMA and is gaining strength. I would like to make this more bullish by selling the June 35 Puts for $0.40 and buying the June 32.5 Puts to close for $0.10. You can input the trade as a credit put spread for a total credit of $0.30. This will take some of the heat off of the June 37.5 Calls. We may need to cover those calls soon. So look for a risk management alert.