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While the S&P 500 has moved back above 3,000 for the first time since late February and many investors are enjoying the long-side profits, it's important to remember that you shouldn't rush in unprotected.
Especially investors who now have even bigger portfolios to defend.
You see, the market could turn vicious in a heartbeat.
On the one hand there are the economics risks of the coronavirus and on the other, the "money migration" that was sparked by that same technical breakout above 3,000 is also a signal that we could walk into an overextended, "overbought" situation in the market.
That means hedging is more important than ever.