Yes, CRM will go down more. Though I held on to my core, shorted 700 shares, I closed out my August and later dated puts on Friday because there was so much premium in them ahead of an unpredictable weekend. That looks stupid right now. Will there be another bump this week to take the stock back up a few points so more institutional shares can be sold higher than this or is CRM really going down now, even ahead of the non-earnings report?
I'm glad I bought puts on LNKD and some other stocks Friday, but when things work out, we never have enough. I replaced my SNDK puts with a small short position in the stock this morning. IMHO, it's holding up well pre-market only because of a Barron's item (I didn't read the Barron's item, but the price of the stock was still in my shorting area--though lower than where I traded it on Friday). There will always be some stocks to trade, but those of you who held CRM puts over the weekend should be happy this morning and those who are long the stock have difficult decisions to make. Regardless of what CRM does on any day or two, where will it go.