Shifting Positioning

I have decided to tighten up my hedges by moving from long SPY Puts to short SPY stock. This was a tough decision because we are slightly oversold and the period starting late next week is very strong seasonally. I originally planned to remain a little more aggressive through this period. However, with most people being positioned on the long side and shots being fired in Europe I don't want to get too cute after the market is already up over 30%. Happy Holidays.

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