That's fine, it really wasn't that important, it actually is not important to have a hedge there at all, if my account were smaller and transaction costs played a role, I'd be just as happy sitting through the market with my shorts intact rather than trying to hedge anything, but I try to give you as many ideas as possible because some people will like them and they will fit their style and some people would rather wait for something else.
In this case the prize has been and continues to be getting off shorts at the exact right time in or just before a market downside pivot which is what our focus has been this entire week.
Sometimes the best course of action is just to be patient or as my favorite, Jesse Livermore-World's Greatest Trader" once said, "It was never my smarts that made me money, it was my sitting. There were a lot of people who were right on the market, but to find a trader that is both right and can sit tight is a rare thing" (paraphrased).
I'm going to show you the carry trades and we'll see how they progress, but I anticipate a change judging by the data I see right now.
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