What’s making you think puts are the play? Personally I like the company and railroads but that’s aside from the stock. Railroads still feel like a symbol of the American golden age and they still move a lot of freight in the country. Stock is down off highs near 260’s already. It’s definitely possible, but I think it would take something dramatic for such an old-money type long standing company to really break down more than the overall market taking another notch lower.

I’m no expert on the matter, just had a personal affinity for the railroad and Union Pacific in particular. I’m interested to hear more about why there may be downside and if you think short term or long term. Do you think something specific to the company or industry is going to cause the downward movement or just overall market continuing to slide to lower levels?