Looks like Double-top at 69.50
Therefore:
Short @ 68.75, with Stop-Loss set at 70. Target = $65
Mechanics:
Buy-to-Open: Feb 70 put
Sell-to-Open: Feb 65 put
Net cost = around $1.50
Potential Reward = $5 - $1.50 = $3.50
If stock falls below $65 before 3rd Friday of feb 2013, we will collect $5 (the diff between the strike prices)
Therefore:
Short @ 68.75, with Stop-Loss set at 70. Target = $65
Mechanics:
Buy-to-Open: Feb 70 put
Sell-to-Open: Feb 65 put
Net cost = around $1.50
Potential Reward = $5 - $1.50 = $3.50
If stock falls below $65 before 3rd Friday of feb 2013, we will collect $5 (the diff between the strike prices)