There’s a Hidden Pivot resistance at 49.59 that we can try shorting with a stop-loss as tight as 49.71. I can’t predict exactly how much the Feb 49 puts (TBTNW) will sell for then, but my guess is slightly less than $2. I’ll recommend buying two of them using a bid a couple of ticks lower than whatever the market makers are reflecting if and when TBT first touches 49.52 on the way up.