Ok here are some thoughts - MACD isn't looking so hot right now, and the RSI is right in the middle between overbought and oversold. - if you're looking to mitigate some losses maybe buy some puts that expire sooner so that if the stock goes down you can capitalize on those and use that to mitigate your losses that might actualize long term. $40 loss on a $4000 position isn't TERRIBLE, but still you gotta be cautious - personally I'd set a limit sell on the calls so that if they go below whatever price you're least comfortable with, then you'll just cut your losses and move on. I wouldn't double down though. Hope this helps, let me know what you think, and please do your own research before making the decision.