QQQQ – Nasdaq ETF (Last:45.63)

Buyers of the January 46 puts could have paid as much as 1.11 or as little as 1.06 — more than I’d anticipated because put volatility surged on yesterday’s gap-up opening.  We’ll stick with the 15-cent stop-loss in any event, using the low end of the range. That means you should exit the puts on a sell-stop if they trade for 0.91.