We hold a tracking position of two May 68 puts with a profit-adjusted cost basis of 1.34. For now, stop yourself out if the underlying vehicle trades above 68.29. You should also offer  single contract to close for 2.30. _______ UPDATE (12:25 p.m. EDT): With the market getting pounded for a second straight day, we sold the put option for 2.30. That effectively gives us one free put for each four-lot position acquired initially. It is my intention that this position be held until it pays for your subscription, but for now do nothing further. ______ UPDATE (May 1):  Like perhaps 99.999% of all unhedged puts purchased out-of-the-money by retail customers, these too will prove to have been a longshot bet. Even so, we will have held a risk-free play for more than six weeks on the unlikely demise of the Mother of All Bear Rallies.  Taking the blows easily in stride and surviving to fight again is what it’s all about for us permabears, no? Continue to hold the position, since we are still likely to make a few bucks on it — even with the broad averages surging to new recovery highs.  _______ UPDATE (May 4, 2:52 p.m. EDT): We hold a single May 68 put in the QQQs (or 25% of the original position, based on some multiple of four contracts purchased initially).   Since profits on this trade were earmarked to pay the cost of an annual subscription to Rick’s Picks, I’ll recommend closing out the single-contract position with a good-till-canceled offer of 3.50 for the put.  If you still hold more than a single put, hang on to at least half the position for a potential home run.