Quote from shortie:
SPY target 106. Mark my post! with VIX so low, load up on Feb 2011 puts and don't touch them until SPY 110
Feb SPY 110 puts 0.42 right now
I don't necessarily disagree with the idea, but I would highly recommend considering at least somewhat closer to the money puts.
The Feb SPY 118 puts are only ask at $108 as I type this. Better to pay a bit more and be that much closer to the money IMO.
JJacksET4