I'm thinking seriously of buying some ARM puts about a year out. I haven't seen a bubble like ARM since the internet bubble days. Knowing that the bottom is falling out of their fabrication means the bubble is going to pop. Not a question of if, just a question of when.
There will be a future event which will trigger a similar mass stampede out of it that won't stop until it hits its proper price around $10-15. It maybe a missed earnings/bad forecast or just all the Analysts changing their story when faced with the reality of Intel's increasing mobile marketshare. That will be the time to short it because when this current fantasy bubble bursts it will fall hard.
I agree with Mars...never try to catch a falling knife. Never try to catch one that is sailing upwards either. Once it starts to fall you'll know...buy your puts, or short it then. So you don't catch the peak...one never catches the exact peak nor the exact bottom.