Currently established a short position of buying SPY 109 Feb puts for $ .75, looking to sell $ 1.50 - $ 3.00 as target on scale out. The cost of the puts is the hard stop. I like purchasing puts or calls right before expiration since they are cheap. This worked last month, we will see if it works this months. I don't plan to wait till Friday to close the trade. If we don't get much movement in the next couple of days, may close the trade.