Today we purchased 2 long Calls at strike 22, expiring Feb 20, 2015 at a limit price of $0.55 ea
. Although we expected a year end rally the market demonstrated excessive weakness. In order to hedge our portfolio we entered a position that should profit from further market weakness. Frankly we hope that this hedge fails to materialize which would mean that our portfolio will remain healthy while this strategy fails. You may wish to purchase more than just 2 contracts if you have a large portfolio to protect.