Close the BKS Put Options for a small loss

On Nov 28th we bought the January 2017 $12 Puts on Barnes and Noble (BKS) for $.49 cents and we are closing these Puts for $0.35 cents today for a 29% loss. The market has been moving up and making new highs for the past few weeks, and we're not going to fight the trend. January may show additional gains as institutional investors reposition and buy new positions.