This is the first option of the year for me. I only buy premium in the form of puts & calls a few times per year (an ave. of 4 times per year). I've drastically reduced the frequency of such trades and this has greatly increased my accuracy as I'm 5-for-6 wins over the past 18 months. This is a high conviction trade. I am still long a number of individual stocks and this trade is not so much a hedge (though it'll pay a part) as much as it's more of a short term macro play.
I purchased the $SPX March 2750 puts @ 26.70
I'll keep the board apprised of the trade. If we rally a bit more and I can pick more up at the 35-level, even better, as I plan to scale out of this trade in 1/3's once the sell-off begins. (I'm not expecting much in terms of magnitude, but with the collapse of VIX and the overall bullish sentiment returning, it won't talke much of a sell-off for these puts to increase!).
CYCLES: Yesterday was a turn, plus or minus one trading day...... Next cycle turns/pivots are 2/20 and 2/27/28