You can see where hedging downside risk probably makes sense in 2013 if the S&P continues to rally here. But if the U.S. goes over the fiscal cliff, watch to see if the uptrend line from the March 2009 low gets tested again. $SPX will need to break through the 50 and 200 day moving averages first. βoo-ya! See this exact chart at stockcharts.com.