Yesterday everyone loved IBM - today everyone hated Citicorp - and after the close they are hating INTC even more....currently down $3.25 with the Qs down $1.00 afterhours. That's going to make for a terrible opening tomorrow and earnings season hasn't really begun so I am thinking that puts is the way to go. I, unfortunately, sold my long puts at 15:00 and loaded up on a slug of long FEB calls in anticipation of great INTC earnings, which would have given me a opening gap up to sell tomorrow. No such luck.
With the banks starting to report now I will look to buy the FEB OTM puts, probably in WFC (which got downgraded today) and WM (which is a highly manipulated stock, and which also got downgraded.) I'll wait and see what tomorrow brings as far entry setups.