Hedging the portfolio

The market is taking a beating today so I probably over paid for these contracts....

Today I bought 20 contracts of IOF-XL at 1.5$. The contracts are puts with a 64$ strike expiring Dec. 07.  The purpose of this trade is to hedge the entire portfilio against a broad market correction (>-10%). Some of the recent news out of New York is unsettling (BearStern hedge funds wrote down to .09$ on the dollar, Books&Co. not getting its financing, Chrystler is that next?).

Having recently sold out of the large TYC position the portfolio is a bit more tech (and biotechnology at that) heavy.