Hi I would like help please with the choices I face if I have puts that are deep in the money When the puts were first sold the stock was trading at $130 and is now trading around $50. I sold $90 puts (at a price of $9.00) exp Sept 2012. I realise I have these 2 (expensive) choices a) buy back the options b) accept the shares and sell calls to recover some of the cost However if someone can advise how to ease the pain of either of these and recommend a strategy for future put selling trades to provide some downside protection it would be MUCH appreciated. I acknowledge that I should not sell puts on shares I am not ready and willing to own! Thanks!