I received a lot of unusual comments about holding the SPY puts, but they once again they worked well.  Not every day, but most.  A word of caution they are for

the experienced investor only who can watch the position and not walk away for long. I had said I wouldn't hold overnight but, alas what are rule for if not to be broken. I did close the position and will be ready to switch to calls, but based on what comes, I might open a short position on Monday if there appears to be nothing to stop the fall. With most of my long positions doing well the extra increase in a down market certainly doesn't hurt. {jcomments on}