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Don't fight the trend and the trend for now is down.

I closed out the GE puts when the market opened and shorted OEX Nov 355 Puts.

I've been very lucky, right now I'm long 89 JAN 14 Puts and Long 4,000 shares of GE stock. The Delta is 256 long on the puts. Today I might liquidate the entire put position.

I’ve been trading long stock and long puts to make my stock holdings delta neutral. Of course with the market getting hammered I’ve had some really good returns. For example I hold GE and as my GE falls my puts rise and I have to either sell puts or buy more stock. I usually sell my...