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Thanks for the replies. The debt spread idea is a good one; I'll think about it. The problem is, I'm still have a lot of conviction that bidu cannot hold 390, so maybe I should let it ride. In retrospect, I should have straddled when I bought the puts. The one thing you can be sure about...

I have some bidu dec 350 puts that I purchased on 12/03. In the interim, bidu ran up on the naz-100 inclusion news, but now the underlying is back down to exactly where I bought it. On today's down move, the calls near ATM have all lost $6-$7, but the puts have only gone up $1. Specifically...