deliver, Jan 16 20 puts may be as cheap as 1.2-1.5 today due to the expected sell off. The volatility will eventually retreat even the stock price stays low in future. I will keep adding shares whenever available. If going high, we can buy 25 puts. SP500 may go as low as 1875 set last time, I will see off 2/3 of my short positions. I am expecting it may go as low as 1825 in extreme. Good luck! jstone