I covered my Put option out of a serious case of fear that between Fed, Treasury, Systemic risk and Goldmans of the world, the company will get bailed/bought out. And once the risk of insolvancy goes away, the value investors will jump in. I see a short squeeze right after Fed lowers interest rates tomorrow and I don't think Fed will blink before lowering by 50 to 100 basis points. The inflation caused by emerging market is as dead as the emerging markets(in the short term). Oil could be in 60s again.