Options contracts that give the right to sell a fixed amount of an asset at a specified price and within a certain time limit; bought in expectation of a market drop.
Generally, an option to sell 100 shares of stock (short) at a future date and at a set price.
Option contracts which give the holder the right but not the obligation to sell a specified quantity of a particular commodity or other interest at a given price (the "strike price") prior to or on a future date. Also called "put option," they will have a higher (lower) value the lower (higher) the current market value of the underlying article is relative to the strike price.