Zion Oil & Gas Inc (ZNOG)

[Porgie Tirebiter]

That's only good for four days. If one want to buy puts as insurance one should go out to a least January, otherwise it's simply flushing money down the toilet.

But, that said, the I.V. on the January $2 put is nearly 140%! That's just way too expensive. My own personal rule is that if a stock is too expensive to hedge, it's too expensive to own.