We bought two May 108 puts for 0.86 — two cents above their intraday low — off a limit order, then sold one later in the morning for 1.26.  We’ll hold onto the put (or puts, if you initiated the order in larger size) for now, using an adjusted cost basis of 0.46.   If stocks continue lower, I plan to short-sell a put at the 103 strike for at least as much as we paid for the May 108, but at the moment, it appears the exchange has not listed any May strikes below 107. _______ UPDATE 3:13 p.m. EST):  Use a 0.96 stop-loss to exit the put (they have traded no lower than 0.97 so far today).  In theory, this will preserve a profit of $50 per contract on yet another unsuccessful attempt to pick  The Top.