/s shorting AAPL 330 weekly puts at 2.76-.50 2X OVERSIZED vertical trough 290 weekly puts at 1.50 area . Huge premium due to this shocking S&P news today in downgrading the U.S. if AAPL fell more then would go long 320s while holding these puts shorts . The reason I have to go so aggressive is due to the fact that last week the 330 puts shorts that we had I allowed to tern into long stock at the 330 line. This amounts to an enormous amount of stock and the plan was to go long the 325 weekly puts 3x oversized as protection, but then AAPL fell sharply before we cleared. So now wish to attempt to bounce AAPL and profit meanwhile from this huge puts premium but with the intent of finding a 3x oversized long puts position soon that can work as a hedge on the enormous stock stake. The other alternative would be to short some calls 3x oversized and lock in the losses but choosing to work the long puts strategy as stock protection before earnings rather than the more traditional route.