We hold two January 54-51 puts spreads for a debit of 0.07 and two January 53-50 puts spreads for a debit of 0.03. We’re using a 52.13 downside target for now, but the Cubes would need to go lower before we think about taking off the position for a quick profit. As noted here earlier, total risk is limited in theory to $20 plus commissions, but we could make as much as $1200 if things go our way. Effectively, we have gotten 60-to-1 odds on the QQQs trading 50 or lower by January 20.
