Bought XLF Apr 20 '13 $17 Put @ $0.27...

XLF, a US financial sector ETF worth $10.9 billion, is trading quite near to its 52 WH.  

I chose the April 20 expiry date as it gives me two drivers to work with: potential downside risk from the sequestration and round 2 of earnings announcements from the US banking sector.

Plus there is significant open interest and good volume today.  

I used a portion of my profits from the SPY puts to trade this position and should this be a losing proposition, the loss won't kill me.

However, it will help me sleep at night!