This looks OK. At $8.55, the Warrant is all Intrinsic Value (69c), with zero time value. As warrant expires next month, the time value volatility decreases. I would buy the warrant rather than short NCP....but I don't think it will fall much further. Matter of fact I just bought some Nov $9 calls today (NCPWPE).
Any rate, if you want to go for the puts, good luck to ya!
CHEERS
