Say you manage a large stock portfolio and the market has been going up and you want to hedge against a downturn in the market, you will probably O Buy calls to open on every stock in the portfolio O Buy stock index calls to open O Sell calls to open on every stock in the portfolio O Sell stock index calls to open O Buy puts to open on every stock in the portfolio O Buy stock index puts to open O Sell puts to open on every stock in the portfolio Sell stock index puts to open