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Today’s trade is a bet that Ford Motor Company (NYSE:F) will go down in price, but also kind of a put insurance on the market. Auto companies are not doing well, and I think they’ll fare worse than expected.

Here’s my recommendation for a Ford put debit spread:

Using a spread order, buy to open the F July 20th $12 put and sell to open the F July 20th $11 put for a net debit of about $0.45.

Now, General Motors Company (NYSE:GM) did well recently after an influx of money from Softbank Corp (OTCMKTS:SFTBY) for their self-driving cars. But the industry as a whole is in a downtrend, basically. And this is a cheap bet: We ultimately got in for $0.50, and we either make it back or we lose that small debit.

Ultimately I’m looking for F shares to get down to $11, which is the point at which I’d recommend taking profits on this bearish trade.

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Ken Trester is editor of the popular Maximum Options program. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.