Option: June $20 Put (around $0.90)
HPQ fell from $24 to $18.50 in the days following the release of earnings in February. It has now retraced a Fibonacci 38.2% of that decline and today generated and Sell Signal, making this an attractive entry point for at least a testing of those lows. At a cost of about $0.90, it won't take much of a decline from current levels to reach +35% or better gains. June gives the trade 60 days to unfold.