That is why I am closing all puts and sold calls today. However I still think there is a bit more down side, I just dont have the nerve to chance it. The reason I say that is watching some of these biorunup's lately. The traders jump in well prior to news and ride it to the news then exit prior to news to avoid the risk. Because of that, some bios have been dropping going into news. CLSN may not follow that trend but its just an observation.