straightsix..... Technically, yes, you are right about buying Puts if you are long a specific security or indices. Options were solely made to be traded as a hedge, or insurance, against any price movement (up or down).
The best example would be...... Say you invested in the DIA or SPY from Jan 1 2013 to present day. Say you made 15% during that duration (and you wanted to protect your investment gains) now would be a great time to buy Puts because you are anticipating a Correction in the market.
But in the case of BBRY, you are anticipating the stock will continue to move higher. To answer that question.... No, you wouldnt buy Puts in BBRY unless you anticipate the stock will lose value.
Calls = anticipation of higher PPS
Puts = anticipation of lower PPS
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