We hold four July 146 puts for 0.79 and are attempting to short four July 142 puts against them for 0.82.  If successful, that would give us a vertical bear spread with a virtually riskless shot at a $1284 payoff. You should adhere to the 0.59 stop-loss on the puts, however, since any rally strong enough to trigger it is likely be the sort of brute we should not want to tangle with. Our loss would be about $100, commissions included.  That’s more loosey-goosey than I usually advise when we’ve got a put position with a profit that we could nail down, but the trade feels like it’s worth gambling on. _______ UPDATE (July 2, 12:53 p.m. EDT): This morning’s low on the July 146 puts was 0.59, so we exited the position for an $80 trading loss.