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- Apr 22, 2007
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buying SPY puts can be a 'cheap' way to hedge your gains against a general market selloff... bought some a week back in anticipation of this fed meeting. they literally quadrupled in value in 2 days!
The pundits all recommend the same thing. They say the puts are needed as the market will likely drop another 5 percent.
Good move on your part. Remember to sell those puts next week and bank those gains.