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If you're thinking rocket or rock to the bottom of the ocean then puts would make sense...but look at your "insurance costs" of buying the put. Pretty heafty. If you don't think the stocks are going to go stratospheric or auger into the deep, you may want to think of selling covered calls which will cap your gain but also give you some downside protection. This strategy can be particularly good if the IV is high...essentially a covered call gives you the expected gain as projected by the market up front...however they don't help you in a full out crash.

Cheers Kev
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