We bought four May 54 puts a while back @ 0.46. They are obviously a longshot bet — nearly all owned (as opposed to shorted) puts have been losers since they were first listed in 1973 — but from this point forward in our trading lives, we should always own a few puts just in case. We will also want to take partial profits whenever a put moves our way. Accordingly, I’ll recommend selling two May 54 puts to close if the Cubes closely approach (i.e., within 10-12 cents) the 55.65 midpoint pivot of the pattern shown.
