From reading investment and trading books over the past several years I've come to learn a valuable lesson time and again: the last point in a bear or bull cycle is the single most expensive point you'll ever chase. Yet for some reason I thought I had discovered the 'last point' in the bull move -> see my previous post on hedging/shorting. While I still agree it was the correct move it was certainly premature. Let the market tell you where it's going prior to making significant changes, unless you have a real edge in that particular situation.
Lesson (hopefully) learned.
Currently holding QQQQ Nov $48 puts. Looking forward to a multi-bagger on this one.
Disclosure: holding QQQQ Nov $48 puts.