I entered the $TLT $109 puts at $.36 today - they closed the session at $.26. A nice loss so far - but its a trade I am willing to ride out until Friday. I think the next few days we will see a modest pull back that will bring $TLT to the $108 level making the put options I bought worth over 100% from my purchase price.
$TLT has been confined in an ascending channel and I like the odds for a reversal back below $108 in the short term. This will also coincide with a rally for stocks, sending the $SPY back over the $186 level.