sell nov9 put buy nov10 put limit order .25 cent debit If there is a downgrade from another credit rating firm, i expect a selloff in the stock. If there isn't any downgrade, until Friday pre-market, I am gonna close the position and start looking for a negative vega spread, i preffer a butterfly. I think the situation in Greece doesn't matter any more for that stock at this time. Please give your opinions about the way one can trade this. I have also been thinking of taking some "units" here, the JAN12 6 puts ( because they are the most liquid out there ), but the iv is still too much elevated, right at the moment they are priced at 144 iv. I think its gonna slide in a day or two if nothing else happen.