We did not get the selloff this afternoon that I thought might happen. Therefore, there is no second part to the trade. If you took it you are now holding a small number of IBM 125 Puts that expire Fri. for approx. 2.50 per contract. Hold through tomorrow to see if there is a selloff following today’s earnings release. Not expecting a large move but 120-122 is possible before expiration. The stock is now up seven days in a row!