Wed, Jun 19, 2013, 2:10 AM EDT - U.S. Markets open in 7 hrs 20 mins
.. why people complain. I recommended puts when BAC was $24. Why didn't you buy? Even if you bought puts as a hedge, you'd break even at worst.
Just remember people, whatever you do, do NOT listen to me. After all, you know best.genem, congrats on buying those puts, they must have appreciated considerably this afternoon.
I hedged my position, alittle though. I bought $7.50 puts when the price of stock was $16.50. Unfortunately my average price of the stock is $42.00 ouch
Still, better late than never. It was a smart move. From now on, I think you'll be hedging your bets so you're unlikely to lose in the future. And BAC will EVENTUALLY be a $50+ stock again so you really didn't lose anything.