A Small Price to Pay
I can either consider the market in a trading range or in some type of trend. If I believe it is in a trading range, I will trade my gamma aggressively: selling out any deltas quickly, re-hedging in the expectation that I can buy back these deltas at a lower price. If I believe the market is trending, I will trade my gamma less aggressively, carrying my long delta for a while in a rising market.
Today's stronger economic data might embolden the bulls, but in my opinion I believe that the market has already discounted much of this information. Economic numbers often create short term volatility that fades quickly, so my risk is that I do not trade it aggressively enough. Barring a Saddam rally, I still see a continuing distribution into rising stock prices, so my bet is that we are still in a trading range and I will be able to buy back my deltas lower. If I am wrong I may not capture the total future value of my gamma. A small price to pay.
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