We own four January 111 puts for 0.97, but there is no point enduring more pain, considering that we were speculating without a price objective to begin with. Accordingly, I’ll suggest that you exit the puts on a sell-stop if they trade for 0.47.  (Note: The so far low, achieved Wednesday, is 0.49.)   We’ll try to get short again at another, presumably more opportune, time. _______ UPDATE: We exited the puts @ 0.47 off an intraday low of 0.46.   The trading loss was $205 plus commissions.