Hi unhedged, my decision was similarly one of "insurance". We had enjoyed a good run and i felt Friday was a good stepping off point for now. Not wanting to be out i thought buying heads was the safer option. In the past when the SP has been sold down CTPO has always traded at less than 1/2 of CTP. If that was to be the case i would certainly look at CTPO again. If on the other hand we see further increase i will still certainly be more than happy.
re ctpo, page-56
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