I can TODAY, RIGHT NOW, sell a JUNE 18th $22 PUT option for $.35 and BUY a JUNE 3rd $22 CALL option for $.26 for a 10 cent credit in my account.
There are many more option combinations that give me protection from any realistic INTC move.
I can sell a JAN 2012 $30 PUT option for $8.40 and buy a JAN2012 $28 CALL option for $.25.
The PUT allows me to protect to the upside and "acquire" intel shares at $30 - $8.40 = $21.60 if Intel is below $30 in Jan2012. If INTC goes crazy and the put expires worthless, I can exercise the $$28 call. MY COST is still below $22.
ANYONE who says shorts have "missed your chance", clearly does not understand (or is being dishonest about) possible exit strategies for those short.
Please do not attempt to confuse the cretins on this board with talk about actual market mechanics. It is quite clear: if you did not cover below 22, you are legally obligated (or otherwise incapable) of covering below 24.