I am away from my station until Tuesday evening. I wouldn't want to put anything but some decent thought into it, so it will have to (hopefully) wait until then. Jrod may find the time....
Given the spate of news being generated by the NA car industry, including GM, your puts are probably safe for another day.
GM chart/ Here is a little T/A that may give you some guidance. It looks very bearish and could have a large drop or a long decline ahead of it. Of course I am sure you realize that these indicators can and do change very quickly. However, I am a strong believer in playing the trend until it is broken. I make no claims on future PPS, I only follow the charts.
Market Data 
Markets 
AI
