As discussed here CCI had bought some portfolio insurance via a February put spread on SPY.
Oops. The market has pretty much gone straight up since that article. With the expiration of those options last week this insurance premium is now officially a "sunk cost of hedging." (That sounds better than a loss...lol)
The normal ebb and flow of markets makes it seem like there is at least a 50/50 chance of a market pull back somewhere around the corner. Hence CCI re-established a hedge. Specifically I bought the SPY March $135 - $129 put spread late Tuesday. Cost of $126 per contract. Hopefully we will lose that again...lol. Because that means the rest of the portfolio will prosper. If the market does pull back, the max gain potential of $474/contract from this position will modestly reduce the pain. Break even at $133.74