$UVXY – Putting the hedge back on a strike lower next week. Margin free against Jan monthly 35/50 45/60 55/70 55/75 bear call spreads. Half position so far…Jeff is right…these are pretty easy to roll down especially if VIX stays above 15 or so. Plenty of SVXY will be doing great if these get too far in the money.

Sold UVXY JAN 8 2016 26.0 Puts @ 1.20
Sold UVXY JAN 8 2016 26.0 Puts @ 1.30
Sold UVXY JAN 8 2016 26.0 Puts @ 1.35
Sold UVXY JAN 8 2016 26.0 Puts @ 1.40