The broad markets are in a free fall after having a run of five up days in a row. As with most positions, I want to enter partially to avoid potential catastrophe. I like the idea of the markets running up to heavy resistance by the end of the year. However, a lot of the stocks and indices are overbought and have gaps lower that need to be filled in. Gaps are missing prices where no supply was available for the demand. Let's sell 2 of the S&P 500 Ultra Long Proshares (SSO) December 18 Puts with a target of $0.70 per contract. There is about a $360 initial margin requirement for two contracts. There is support at about $21 from the gap up on 11/24 as well as from the old down trend line (see chart). Sell the remaining 2 contracts at $21 and place a stop at a break below $17.90.