Above are the EOD abbreviated option chains for the Qs from yesterday. Today's action has effectively cut the puts in half, while the calls (52-54) have increased by about 30% each at the time of this post.
The mini-spreadsheet at the top reflects the daily range of each of the options as reflected against the daily range of the Qs. My take on these few examples is that I get more bang for my buck my selling the 47 and 48 puts than the 49s. My recent experience is that the stated delta has very little relationship to the actual delta as reflected in the range of the 47s and 48s puts relative to the 49s. I regard the 46s as throwaways and if someone is willing to give me .13 for them, I'm glad to sell a bunch. Notwithstanding a global catastrophe, major terrorist attack or complete unravelling of the current financial mess (ie., the truth will remain hidden until the next round of earnings reports), I consider the 46s safe territory for the next 17 days.
Sidenote: as of time of this post those 46 puts are now .06, for a fast 1 day 50% return and the 47s are now .11, also a 50% return. There are few venues to finesse this type of tactic but I think the Qs offer unique opportunities in this area.