Last night, I recommended that you consider exiting just half of the DIA November 174 put for solid gains. This option last traded around $10.65. I’m now recommending that you exit the second half of the put option here to secure even more gains.
I believe we are now over-extended to the downside, and overdue for at least a dead cat bounce. Without risking too much (2-5 contracts at most), consider buying to open a VXX October 2015 19 put up to $3.
This trade carries a great deal of risk. Do no risk much on it. I just believe – given technical reads – that we could see a near-term reversal in the markets.
I’m also recommending that you sell to close the RH November 100 put, which last traded at $9.45. Our entry was $8.
Stay safe out there.
Ian L. Cooper
Rapid Retirement System