The market is enjoying quite the Santa Clause rally, however take notice of the breadth and depth. Many firms seem to be selling into this pop. Recently a short or put on LULU is working and more than likely has some ways to go. Lulu is looking like i wants to take out the $65 level here soon and that would make some put holders wuite happy come Friday.Former teetering bankrupt AIG has popped unsustainably high and the January Puts look very enticing at these prices. Another stock whose head has popped up further than it should is Wells Fargo, WFC, recently was in the mid $30 range and now has since broken that uptrend today and appears to be black candle flagging to go under 29. WFC $29 puts do not have much premium baked in, yet and with the stock price barely in the mid 29 level is also tempting. The reason for so many put options now is most Santa rallies come to an abrupt end sometime around or after Christmas. When the playing field gets leveled again the prices people paid in mid December will be a bagholders dream come true. Mutual funds will be looking to establish long positions in January,however they won;t at these price levels so in short order they will crack the market down to a more eniticing long term price level. Knowing these moves makes some good put option scenarios between December Expiration and Januay front month.