We continue to hold two August 98 puts for 1.06 and four July 96 puts for 0.70. Time decay is going to be start devouring our July puts this week, but we’ll give them perhaps one more day, since the 95.42 downside target in the underlying vehicle is still valid, and because I utterly lack the imagination to see how the Diamonds and E-Minis could possibly rally before they reach my bearish targets.  Granted, tonight’s obligatory, beginning-of-the-week short squeeze has reversed the Mini-S&P’s miseries by 16 points — the equivalent of a 130-point rally in the Dow — but I have my doubts there will be many more bears left to squeeze by the time the opening bell sounds on Tuesday morning.