CCRT CompuCredit Short Play

So currently my CCRT Puts are down slightly around 2% but I am still betting that I will be in the money by July. The current stock price is $8.08 as of the 4/30/2008 close; my strike is at $7.50. The Q1 earnings come out May 7th after market close. Depending on these numbers I will be able to decide whether I want to continue holding on to my puts or cutting my losses short.

Bid/Ask Spread is HUGE. Currently the contracts I hold (CCRT July 08 7.5 Put) have a bid price (sell) of $1.35 and ask (buy) price of $1.60

Based on technical indicators and the general line of business CompuCredit is in, I am betting that the stock can fall much further.

Position Recap:

04/09/2008
+ 1 CCRT July 08 7.5 Put @ $1.43
-$143

04/10/2008
+1 CCRT July 08 7.5 Put @ $1.58
-$158

These two purchases average out to:

+2 CCRT July 08 7.5 Put @ 1.50
- $301

UNREALIZED PAPER LOSS:
As of 04/30/2008

2 CCRT July 08 7.5 Put @ 1.35

$270

- $31 (10.3%)