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You are convinced that the S&P will continue to rise through the end of the year, so you purchase 1,000 shares of SPY on margin,

You are convinced that the S&P will continue to rise through the end of the year, so you purchase 1,000 shares of SPY on margin, but you want to hedge against loss until next January. What do you do?

Buy a December SPX futures contract.

Sell a December SPX futures contract.

Sell a January SPY at-the-money call

Buy 10 January SPY at-the-money puts

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