Scale into HD @ 25.14

I'm an not trying to call the bottom but if you believe in my home improvement thesis, as I still do, then this 4.5% decline is another gift (read: buying opportunity)

For more downside protection, it is a touch choice between selling the Nov 25 Calls ($2.45) or shorting the SPY.

SPY allows for more downside protection, after all, we should be on the cusp on a large move. Although, carries more risk if HD does not outperform the SP500. This large movement is also an argument against selling calls because increased VOL means more expensive options (you may need to buy back).

To make a decision, I will always be a favor of selling time and Vol over just Vol. The passing of time is inevitable.