With the bad GE news, the silver lining is that we can put on a new May put position.
So, with the RUT at about 700, let's:
Sell 20 May RUT 600 puts - RUWQT
Buy 20 May RUT 590 puts - RUWQR
Credit of about $.55 ($1,100)
As I write this, the trade isn't quite there yet, but if the market continues down a bit more, it might become available. Or, you can ask for $.50 or $.45 and have a better chance of getting filled. It's your choice. Or, you may want to wait (or put out an order) in the hopes of getting the 590/580 bull put spread.
Maintenance is $20,000. Cushion is about 100 points.
Good luck and trade smart. Always double check the option symbols before placing your trades.
P.S. I hope you quickie traders adjusted the strikes of the position from last night's column.