JNJLong JNJ via short put spread.
Short Mar16 125/130 put spread for $1.10.
POP: 69%
BPR: $390
Max loss: $390
Max Win: $110
Target: 50-60% of credit received
Stop loss: Price at $127 or $350ish loss.
short 130 put: 37 delta
long 125 put: 15 delta
If this starts to get really ugly, I may pull off before $127.