The smart money sells options, or only buys them in structured plays, or if there is inside info. Buying near term options naked is just gambling.
I bought PFE in the Fall of 2008, even before the dividend was sliced in half. I sold about 30% of that buy for a 30% gain after 3 years (plus the dividend) and am up over 100% on the remainder counting the dividends. And I'll be counting them for a while. The yield is now 6% on my original basis.
What strike you buy? THe other question is why didn't you sell when you were up? I bought a few weeks ago $30 Dec options at .84 and sold at the spike near 1.30. Now I just bought in again same date and strike at .79. It will go back up. Moving to oversold again.