Target (TGT) with 2800 September/December $150 put calendars opening for $4.85 looking for weak Holiday spending. Over $1.3M bought and the positive theta spread is a solid strategy as it takes advantage of front month IV of the September options being higher than the back month Decembers. Selling the Sept 150 puts to pay for the long Dec puts likely makes money in a wide range lower but pays off most if TGT is at 150 by September expiration with the potential to hold the December or adjust after that. TGT has been rebounding the past month after an awful earnings report and warning on inventory this summer. With the stock back at the gap down levels near 165 now looks optimal to construct a bearish spread like this.