China MediaExpress Holdings, Inc. (fka CCME)

[chensiona]

I understand a lot of you are disappointed at the recent price action and disappointed that management didn't announce a dividend and didn't use the money for the share buyback, but for future reference, when everything is going great and a stock you hold has had a great run consider buying puts to hedge your position or at least sell some shares.

When CCME released earnings the $20 puts could have been bought for $1 more or less. It is only natural that we would have some profit taking, how much I didn't know and since I didn't want to miss on any upside by selling I decided to hedge my position.

Depending on what happens this week I might excercise my puts and take a wait and see approach. I've learned not to underestimate panic. But with that said if we can hold the 16s on a bad day like today, with a couple of good up days we can be right back to the 18s or 19s.