Skip, At what level on the S&P for the intermediate term would you go to sell from buy?

: : You can also purchase HDGE to go purely short. The problem
: : with buying puts is the time value you pay to purchase them
: : only to watch erode if the market doesn't go in your
: : direction in a timely fashion.

: That's probably a good answer, too. At some point, in the
: next downleg, it will be prudent to consider counter-party
: risk of certain investment products, I think.