Panera Bread -- Close the trade if you did not do so yet

Two weeks ago, I recommended buying puts on Panera Bread to hold until just after the New Year. The stock was $105.75 at the time, and by yesterday, the stock had declined about 6% to the mid $99 range. It closed up slightly from there. One of the main factors driving the price of Panera down was people taking profits immediately after the new year in order to avoid capital gains in 2010. This tax related selling is essentially over now. If you have not already closed out this put like I explained in the last post, you should certaily do so now.