Not sure where I'm going

Trying to get a feel on what the markets would do today was tough last night. With the Super Bowl going on, not much homework got done on today's move. I decided it might be a good time to follow MMM. MMM had a nice gap down today and I felt it could provide me with some nice upside around 12. Thank the stars I was too hesitant to pull the trigger around 51.50 as MMM ended the day down just shy of -6%.

I went with a tried and true strategy as my only move of the day. BAC showed weakness all day long. So I decided to sell 5 put contracts @4 for this February expiration. I sold someone the right to sell me BAC for $4 by the third week of February, even if it is selling for less. I collected a premium of $.25 per share for giving someone that option which means I would make money off this position as long as BAC is selling for more than $3.75 for a cash inflow of around $108... If BAC goes up by the third week of February I have two options, I can close out my position by buying 5 put contracts at a lower price, which would close me out, or I can let it expire worthless if I feel it will never come down below $4.

The potential is for a 100% gain of $108 with a maximum loss of $2,000 if BAC goes completely bankrupt.