Hey guys,

We’re looking at a market that is nothing but bearish. People are just puking all over themselves, trying to buy the dip and getting smacked around.

It’s the toughest tape I’ve seen in many, many years if not ever. But the bright side for us is we’re properly hedged and our puts are making up for our losses in calls. For now, we have to keep that downside protection on. I’d like to get just long, but now is no time to be a hero, so let’s discuss…