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I’ve been a bit of a bullish cheerleader here and have built out some pretty decent long exposure.
As a cheap hedge, I’m going to buy some protection with SPY calendars. I’m assuming full risk on these spreads and I’ll probably lose the entire capital of the trade.
Buy to open SPY Mar/Apr 197 put calendars @ 1.23
So if you’ve got plenty of long exposure, consider this as a hedge.
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