Our modest short position has ceased to be worth caring about. Rather than allowing the puts to waste away as we become increasingly forgetful about checking on them each day, I’ll suggest closing out the position — long  two April 48 puts — shortly after the opening bell if the options have traded for 0.60 or less.  I have couched the recommendation in those terms because I do not want you dumping the puts if the QQQQs begin the day looking like hell (unlikely as that may sound).  ______ UPDATE:  We exited the puts for 0.50 (or so), sustaining a whopping loss of about $15 in the process.  The lesson here is that even if your entry is perfectly timed, and even if you do some judicious, perfectly timed partial-profit taking along the way, it is still not possible to make money with put options (unless, of course, you are a naked seller of them).  This has been true perhaps 99.97% of the time since listed options were first offered by the CBOE in 1973 and it remains true now, even if the shorting has faded a rally that we all know is doomed.