Buying SNOW put contracts.

Snowflake Inc. (SNOW) is a cloud data company that allows corporations to buy and analyze industry data.

The stock is extremely expensive compared to the small profits SNOW generates. And as the market starts to roll over, high-valuation stocks are particularly vulnerable.

I expect SNOW to trade sharply lower, possibly testing (or breaking) its June low near $110.

The company is scheduled to report earnings later this week. This earnings report could certainly move the stock higher or lower. And given the level of fear emerging on Wall Street, the probability seems heavily weighted towards disappointment following the earnings announcement.