Are You Hedged
I thought I was pretty well hedged coming into the day, short the SPY 108 calls against my longs. I planned on putting on a tighter hedge at the end of the day as I was expecting weakness in the coming week. It turns out I wasn't hedged enough as the market fell another 1.3% past where I was hedged. At the end of the day I sold the SPY 108 August Calls against my longs. I was planning on putting on a tighter hedge but with the market down this much I will have to settle for a loose hedge. If the market goes up into the end of the month after a correction next week I might adjust it and tighten the hedge up. Have a great weekend.