FDX has shaken off a pre-market downgrade and is hanging up ~1% in afternoon action. Peer UPS will have earnings tomorrow morning, and the numbers should have an impact on FDX similar to what took place in September. With FDX in a tight range since the start of October, a move to >160 or <148 should trigger a larger, sustained move, so we will open a short-term Nov04 $148 - $144 put spread hedge to hold with the current Nov18 call spread. We will update the position after UPS results are digested by the market (either tomorrow or Wednesday).