We all could have protected ourselves by buying puts
I looked at the puts yesterday. There was not much open interest (in comparison to the open interest in call positions) and they were dirt cheap. I am beyond sick that I didn't buy the cheap puts to protect my position. Expensive lesson learned the hard way.
I did the exact opposite over a month ago. SOLD lots of Puts at various prices and months going forward. They are coming home to roost now (in a very bad way). It might actually wipe me out completely. I put too much faith in the system and biotech companies. Lesson learned (again and again).
invest....that is exactly what I did Monday. Unfortunately I only bought 40 put contracts at 3. I am long about double that amount of shares. I had believed this was going to be a positive result so only hedged half. Big mistake. Not only should I have hedged the full amount of shares but even more. It was cheap insurance at .20 each. I wish I bought 100 contracts...................lesson learned here as well. GL to you........