We hold a tracking position of four October-September 620 put spreads @ 8.40 as a proxy for any short positions initiated by subscribers at the recent top I’d forecast near 638.  For now, offer two of the spreads to close for 9.60, predicated on a drop in the underlying stock to around 625. I’m not advising a stop-loss at the moment, since a $5 move against us would not significantly diminish the value of our spread.  More likely is that once the August series has expired this Friday, pressure on the September puts that we are short will increase sufficiently to cushion us even further against an adverse move in the stock. What this means is that time decay will be working for us increasingly in the days and weeks ahead. You can learn how to do this stuff yourself — and more easily than you might imagine.  Click here for a free trial subscription.