A little kind advice -- never invest in anything you don't understand, and you obviously don't understand options pricing. Read a book on options pricing and trading before buying or selling puts or calls. Learn about implied volatility. If you are going to trade options on biotechs, you need to understand that implied volatility is extraordinarily high right before PDUFA, and it will drop like a rock after PDUFA. So if you have a position that is sensitive to volatility, you can get burned really bad if you are on the wrong side of the volatility play. In short, you can really get burned if you don't know what you are doing trading options. In the meantime, stick to straight stock, and don't buy on margin.
I invest what I understand and that is stocks. I do not trade options at all. I was looking for an answer to an options question however.
I do know enough that options are high especially now. But again, my point was if most think that this is a slam-dunk in a negative way, the price of the options did not necessarily agree with that. I have close friends from childhood that are in the business, here and internationally, and they noted how expensive the puts are. They also are long.
I maybe shouldn't have asked that question, but I, along with many others get frustrated with all the bashing that goes on. Again, I just stick with straight stocks. I do thank you for the advice. GL