We hold a tracking position of two May 68 puts with a profit-adjusted cost basis of 1.34. Since no put option in history has ever been a keeper, we’ll need to set a price for yet another interval of profit-taking. Accordingly, I’ll recommend closing out half of the position with a good-till-canceled offer at 2.70. ______ UPDATE (April 2, 10:54 p.m. EDT): In our dreams, perhaps, is where we’ll sell one of our puts for 2.70. For now, better that we should place a 1.19 sell-stop on both of them, limiting our theoretical loss to a measly $30 plus commissions.
