Shifting Positioning

I have moved my hedges from in the money puts back to put spreads. This is a less defensive posture that leaves me somewhat protected but gives me more upside exposure for the strongest three weeks of the year. With the VIX so low there is no need to go without protection, even if one is bullish. If we get a nasty close I will buy some out of the money SPY calls to play the strong April seasonality. That said, the stretched sentiment is keeping me from being aggressive and I would characterize my long exposure as moderate/medium.

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