GM gapped down through its Fib support level of 48.85 (see chart) on today's Open and appears to be hanging around that level intraday. The Feb 18th $60 call bought Jan 12 @ 2.80 hit 12.20 this morning. The Mar 18th $50P is trading at 3.50-3.60 as this is getting posted. The Feb put is up 4X, so I am banking 1/2 of the gain and putting the other half into the Mar put. The Fib extension chart suggests that once the $48 level is tested, next step down is $45 and then in to the high 30's, which would produce another 4X on the new GM put.
