Well, I didn't think GE would have dropped to this level but obviously I was wrong. Although I still believe GE worth a lot more than $8.50 even with dividend being cut to zero, the stock is behaving very much like MPEL when it was at $10.00. There are still a lot of downside risks even at this low price.
If I play this, I wouldn't buy the shares; I would either sell puts or buy LAPSE calls to limited my risks.
BTW, last week, I sold 10 March $10 puts for $1.49 and 10 March $7.50 puts for $0.49. It looks like the $10 puts may get assigned but hopefully the $7.50 puts won't.