What's the best play with SuperValu? There should be a very attractive trade coming up Monday. 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. Betting on Goldman Sachs and Greenhill to do much more than hand SuperValu one more bill to pay seems unlikely and I would not recommend betting on a payday in the form of a high-paying buyout. At the time of publication, the author held no positions in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.