We’re at very lofty levels in a lot of stocks. Many of you longer term investors have sizable gains in those high beta dividend yielding stocks. Some like Oxy are up close to 20% in just a week. There are 3 obvious ways to protect your profits: Sellout of the Money calls around the 125 strike in OXY for example, just liquidate the position but you then loose the dividend, or sell some S&P futures with a stop over 1367..today’s high.

Sitting idly by and not covering your exposure in some manner would not be a course of action I condone.