You do not have to be either, the stock mkt is not driven by TA anymore,IMO. If you follow the news, EU turmoil is not over and it will bring these high fliers down soon. Just becasue the stock is up by $44 today, does not mean it will keep on going up everyday. Come back and visit me next week, I will tell you if I made money.
It doesn't have to continue to go up in order for you lose money. In fact, if you should elect to hold the stock until its Dec. expiration date, you could lose money on your put even if the price of the stock dropped by about $ 54.00.
It is almost stupid to buy a put outright. You should have at least sold a $480 against it. Anyways, going in to the year end/holiday/travel season is not the right time to roll big bearish bets on a travel stock like PCLN. The momentum chasers will run it up if the broader market co-operates