CNC: Strategic Defined Risk LEAPS Entry w/ Room for FlexibilityCentene CorporationBATS:CNCBluntForceOptionsCNC broke its multi-year trendline months ago, and the recent flush drove it straight into key support from the 2015–2017 range (~$27). Big structural break, but also a spot where longer-term buyers may start stepping in. As noted earlier, I began building a defined-risk long via 2026 LEAPS (Jun $55s, Sep $50s)... a slow-burn recovery setup targeting stabilization and a re-rating back toward the $50–55 range over time. Once the dust settles and we get clearer signs of fundamental stabilization, I’ll likely begin layering in short puts at levels I’m comfortable owning. If assigned, great... I lower my basis. If not, the premium helps finance the calls. This is a long-term rebuild. Not trying to nail the bottom... I’m building around time, structure, and optionality. Giddy up.