What's the best play with O'Reilly Automotive? There should be a very attractive trade coming up Thursday and or Friday. Near the end of the day if still trading lower, sell out of the money puts. Fear of continued losses tends to push portfolio insurance prices up dramatically, while at the same time the stock should bottom.

It's not one to get greedy with -- hold on for a few days and as the implied volatility falls (hopefully with a nice dead cat bounce), exit out with a quick hit and run for profits. Otherwise, for longer-term investors, the best play is to wait until we are closer to the next earnings release for an entry.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
DISCLOSURE: Author does not hold a position in any stock mentioned.

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