New plan -
Before ER, I had sold 1,000 shares at 207ish. Obviously those are easy to buy back when the SP goes up because there is such a big gap to get there. What I want, if the SP drops, is a nice gap from where I sold to where the SP is. So I will buy 100X 180 Puts for Feb 9th. (or 175 strike if we open down tomorrow). Obviously they are a little expensive, but I can pay for those with 2 weeks of weekly 350X CCs. Once I buy them, if I roll the Puts with a week to go, it is usually $2 or less to roll a contract (so I can keep them alive for as long as I need). So I can keep rolling for a while by selling CCs to pay for it. I can go without CC income for a month. If the SP drops to 170 or lower, I exercise the Puts and now have a nice gap from my share sell price of 180 and what ever the SP is at. Now it can go its drop to 150 or lower and my margin will be fine. If the SP gets low enough, I can buy cheap 180 Calls to get shares back if there is a rebound.
I hate wasting money buying Puts, but in this case now I think I need to in order to avoid larger losses.
Edit: If my March 170/195 ends up ITM, I'll just pay to roll it to January..., AGAIN! Nothing like 3 years to get rid of an ITM BPS