It appears most of us were assigned on our EEM 7 Oct 39 short puts. This is one case where we DO NOT want to exercise our long puts as there is a lot of time value left in them. 

I recommend selling the shares which are currently going for 35.75. With EEM up 0.25 that will decrease the loss on the assignment a little. 

We then still have our long put that we can now sell another put, bring in some cash, and take some capital gains on the long put. If you were not assigned the 7 Oct 39 put, you don’t need to take any action today.

TRADE ADJUSTMENT

iShares Emerging Markets ETF (EEM):  35.78

TRADE ACTION 1 (if assigned): Sell your EEM shares at market/limit for around 35.75. 

Sell the shares, however many you were assigned on

TRADE ACTION 2 (if assigned): SELL TO OPEN EEM 21 Oct 35.5 put for a credit of around 0.78-0.82

STO the EEM 21 Oct 35.5 puts 

The 50K account is trading 5 contracts