Burned 6 commissions today! It is very difficult to find the perfect blend of instruments to hedge a portfolio. After selling the puts for a loss of 500, using the leftover money to buy puts with a closer delta, and buying the vix, I came up empty and also lost another 100 in the darn process. (Writing about this now hurts indeed but is cathartic I suppose). I could not have such a large long position in the midst of all of this uncertainty without some sort of protection. So, I met myself half-way and purchased 80 spxu (triple short) shares to buy myself time to think. I figure, that I hate the time value components of options, especially when we cannot pick a direction, so it therefore expires worthless on me yet, I need a viable vehicle for protection, so I just went 20/5 long like I just mentioned- to buy some time. Once we make a definitive move and get some action, then I will re-evaluate. Can’t tell if the market is upset about Europe or not. Once we start finding some direction and clarity, only then will I sell short or buy some calls. I just need the spxu on in case a shoe drops tomorrow. Cheers 🙁
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