The 40 & 42.5 put options I sold on MCP have been deeply underwater for a few days. I was tempted to sell more at lower levels on Monday, but my money management principles would not allow me - potential assignments would have saddled me with an oversized position.

All this volatility has increased the value of the options premiums, but assignments have become more frequent. Once the market bottoms and the volatility dies down, I'll go back to trading high beta stocks (e.g., junior resource) on the long side.