As unlikely as it seems on a down 300 day and down over 35 S&P points, the portfolio is cash plus.  Why? because 2 weeks ago, towards the cheery highs, I bought a SPY put and now it is very profitable:

SPY Put

SPY Sep 20 2014 189.00 Put

1

$193.30

51

$225.64

$2.26

$2.90

$1.37  (87.10%)

$137.00

$64.36  (28.52%)

$290.00