Close the Yahoo Puts

Yahoo just announced a large stock buyback and it's sending the shares higher.  Our thesis of the stock moving down to the $33 range before December expiration has a probability of 22%, and the decay on the puts is going to hurt us if the stock stays flat.  We are selling the Puts to close the position for .32 cents, for a total loss of .57 cents or 64%.  This was one of our two hedges along with the VIX calls, and as we mentioned in our most recent update, the hedging strategy didn't work in our favor.