Having just re-read my post, I do think that I should have been more precise. Two thoughts about the puts: (1) The time to consider buying them isn't now but at the end of July or the beginning of August, as the trading currents are currently ignoring the lockup cessations and you don't want to get nailed because you're too early. (2) Be careful about overpaying. If, say, a 5 point drop is required for you to simply break even, that to me isn't an attractive bet unless the cost of the puts is awfully low.