10:15am(EST)

We have profits to take this morning as Bed Bath & Beyond (BBBY, $54.72, down $5.56) has dropped below double-nickels.  Support was at $57 but that failed to hold after shares opened at $57.02 this morning.

The January put options we are in are up over 150% so let’s go ring the register on half.  We will play with the house’s money and leave the other half open with a stop.

Subscribers, check the Members Area for the updates and we will be back shortly with the midday report.