$2,152,571!   That is up $10,166 since our last review and, rather than pull the plug entirely we simply elmintated about half our longs, leaving us 80% in CASH!!! and we let all our hedges ride, which leaves us in a net short position as our Short-Term Portfolio (STP) has $585,435 of downside protection and we halved the need for that protection in the LTP, leaving us farily bearish for the moment .   If we want to get less bearish now, we can either cut back on our hedges or buy more longs so, on the whole, we've simply made a bearish turn that leaves our paired portfolios a lot more flexible for whatever storm lies ahead.   And we're over 80% in CASH!!! and CASH!!! is the ultimate hedge.  We've been pretty cashy all year and being cashy does not stop you from making money as an options trader – since we get astounding leverage in a bull market – it just keeps you flexible and allows you to take advantage of opportunities.   It's easy to make money in a bull market.     IN PROGRESS