Zion Oil & Gas Inc (ZNOG)

[RSummers]

Mrbojangle, if you purchase 20 put contracts at the $2.00 strike price with an expiration of August 17th they can be bought for around .07-.08 cents which works out to about $140-$160 plus commissions. If Zion were to tumble this week, you would probably make enough to cover your investment. If you wanted to spend a little more you could buy the September expiration which would give you a little more time but increase your insurance costs.

If the pps spikes significantly at all, the insurance cost will have been a small price to pay for security. I hope that helps. Of course there are other methods but that is a low cost short term method you could employ.