I recommend liquidating the covered put spread right now in March Treasury Bonds.  The enclosed chart shows that the T-Bonds appear to be breaking out to the upside and the directional movement indicators a turning bullish as well.  So, buy back you short futures position and also buy back the short March 121:00 put option.  This will be an overall losing trade, buy I want to get out of that before it gets worse.

David Hall

The information  and opinions contained herein comes from sources believed to be reliable, but are not guaranteed as to accuracy or completeness. The risk of loss in trading futures and/or options can be substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not  necessarily indicative of future results.