I feel bad for you. I have Dec $70 calls that will be worth a lot in 5 months. This company isn't about software, it's about search. When they add Sina they will have somewhere around 25% of the search in China. Up until 6 months ago there was Baidu and no "other" search competitor. Now Qihu is just that, a viable competitor that is actually taking market share away from Baidu. Earnings will reflect that in August. I think Baidu will not only miss with their earnings on the 24th of July, but I think they will miss badly (revenues & bottom line). Just make sure you don't invest your mortgage payment with that "put" you placed. In a situation like this you throw the charts out the window.